With everything set up, you can now run payroll. Adjust settings for overtime, sick time, vacation policy, and any other specific payroll nuances applicable to your business. If you offer benefits like health insurance or retirement contributions, input these details for accurate deductions. Ensure that your state's tax rates and any local tax rates are correctly set up. Depending on your selected plan, QBO can automatically calculate payroll taxes. Set specific paydays, ensuring consistency. Define how often employees will be paid: weekly, bi-weekly, semi-monthly, or monthly. This is essential for direct deposit payments to employees and for tax payments. Input your business bank account details. For each employee, enter personal details, tax information (from their W-4 form), pay rate (hourly or salary), deductions, and any additional benefits or compensation. Start by entering your company’s general details, including the Employer Identification Number (EIN), business address, and tax information. Based on your needs, select an appropriate plan. QBO offers different payroll plans, from basic payroll functionalities to full-service options.
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