Q.How can I calculate my monthly tax liability for deposit?
A.For example, if a weekly payroll client has to make a monthly deposit, the deposit for January (assuming you started at beginning of the year) would be determined by printing the "Calculate Tax Liability for Deposit" report by selecting YTD1 for the Beginning Date and selecting YTD4 as the Ending Date. (If you want to calculate the deposit amount for only one pay period, select the same pay period for beginning and ending in steps 4 and 5 below.) Use the following steps to determine the deposit amount:
1. Click “Print Reports” on the Main Menu bar.
2. Click “Monthly/Quarterly Reports”.
3. Click “Calculate Tax Liability for Deposit”.
4. Click the down arrow on the “Select Beginning Date” box, and click on the first pay period date (YTD1).
5. Click the down arrow on the “Select Ending Date” box, and click on the 4th pay period date (YTD4).
6. Click the down arrow on the “Select State for Report” box, and click on the appropriate state.
7. Click the “Display Tax Amounts” button in the lower left corner, and the numbers will display for January.
8. If you want to print the report to paper, click the “Print” button.