QuickBooks Payroll Tax Update Table 2023

A Quick Guide to the 2018 QuickBooks Payroll Tax Update with the 2018 QuickBooks Payroll Tax Update just around the corner, it's important to make sure you have all the information needed to file your taxes correctly. In this quick guide, we'll provide an overview of what you need to know about the upcoming update and offer some helpful tips on how to prepare for it.

Introduction to the 2018 QuickBooks Payroll Tax Update

The QuickBooks Payroll 2018 Tax Update is a free update for QuickBooks Desktop Payroll that helps customers prepare for new and updated payroll tax rates, deduction amounts, and tax form changes.

The update includes the following:

 Updated IRS tax tables for 2018

 New state and local tax tables for 2018 (if applicable)

 Updated payroll tax calculation methods to reflect changes in the law

 New options to help customers comply with the new overtime rules under the Fair Labor Standards Act (FLSA)

 Updated e-file and e-pay options to help customers file their taxes electronically

Overview of new tax laws

The new tax laws went into effect on January 1, 2019. Here's a quick overview of the changes:

The standard deduction has nearly doubled, to $12,000 for single filers and $24,000 for married couples filing jointly.

The personal exemption has been eliminated.

The corporate tax rate has been lowered to 21 percent.

The top marginal tax rate has been lowered to 37 percent.

Many itemized deductions have been eliminated or capped, including the deduction for state and local taxes (now limited to $10,000).

The mortgage interest deduction has been capped at $750,000.

The minimum wage remains unchanged at $7.25 per hour.

Step by step guide to updating QuickBooks payroll taxes

Assuming that you have already downloaded and installed QuickBooks, the first step is to open your QuickBooks software and log in. Once you are logged in, click on the "Employees" tab located at the top of the screen. From the drop-down menu, select "Payroll Taxes and Liabilities" Print W2 in QuickBooks.

On the next screen, you will see a list of all of your current payroll taxes and liabilities. To update your taxes, simply click on the "Update" button next to each tax.

Once you have updated all of your taxes, click on the "Done" button located at the bottom of the screen. That's it! You have successfully updated your QuickBooks payroll taxes.

Important tips to consider when managing your tax obligations

The QuickBooks Payroll Tax Update can be a confusing and time-consuming process.

Here are some important tips to consider when managing your tax obligations:

1. Understand the difference between state and federal taxes.

2. Know which tax forms you need to file.

3. File your taxes on time.

4. Keep accurate records of your income and expenses.

5. Understand the tax laws that apply to your business.

6. Seek professional help if you have questions about your taxes.

Tips on how to prepare for future updates

1. Download the update as soon as it's released.

2. Update your payroll settings.

3. Update your company file.

4. Update your QuickBooks Payroll Tax Table.

Conclusion

Payroll taxes can be a confusing and difficult thing to keep up with, but the QuickBooks payroll tax update for 2018 has made it easier than ever. With its new forms, rules, and codes, you can ensure that your business is always compliant with the latest regulations. Armed with this knowledge and information on how to use it in QuickBooks software, you’ll have everything you need to make sure that all of your payroll tasks are done accurately and properly.

See also: QuickBooks Payroll Did Not Take Out Taxes