How to calculate a bonus paycheck in Quickbooks

Posted by Rebecca Tervo in Quickbooks, Quickbooks checks, Quickbooks Payroll on July 1, 2010 | 7 responses

Kathy asked a question at my last Payroll workshop about how to create bonus checks that are for a set amount.

In this short video, I show you how to use the “enter net/calculate gross” function in the Quickbooks payroll module.

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http://www.tervofinancial.com Rebecca Tervo

Thanks so much for stopping by! And, please let me know if you have a specific question that can be answered here on my blog:)
http://www.tervofinancial.com Rebecca Tervo

Thanks for stopping by! Be sure to stay tuned for my workbook and webinar series launch this September!
http://www.tervofinancial.com Rebecca Tervo

Thanks…glad I could help!
Katie

Just watched this video and had one question. For bonus checks, isn’t it true that you don’t take out FICA taxes? Can this just be adjusted on the screen?
Katie

Please disregard my previous comment — just researched it further. Thanks!
http://www.tervofinancial.com Rebecca Tervo

Katie-glad you found the answer to your question. Bonuses are just considered wages….so FICA still applies unless you’ve reached the limit ($106,800 for 2010) for Social Security taxes. There isn’t an upper limit for Medicare wages.
http://payroll-info.blogspot.com/ Natalia Payroll

Just in time for the season where bonuses are all coming in. Good that you have shared this.