Money is a necessary part of an employee’s life; therefore, many people work as employees and receive their income in the form of a salary. That was an important task for a business owner to provide employees’ salaries and wages. This helped to maintain the business perfectly. The process of calculating payment may be very difficult. For that, if you need a tool to calculate employees’ salary, overtime, commissions, and incentives. QuickBooks Payroll Calculator is the best tool for you. In this blog, we are learn about the QuickBooks Payroll Calculator in detail.
What is QuickBooks Payroll Calculator
QuickBooks Payroll Calculator is a tool designed by Intuit that is used to calculate payroll, gross pay calculation, tax calculation, deduction calculation, and net pay estimation for businesses. QuickBooks Paycheck Calculator has three types, i.e.,
- Salary Paycheck Calculator
- Hourly Paycheck Calculator
- Net-to-Gross Paycheck Calculator
Let’s discuss all these calculators.
Salary Paycheck Calculator
Salary Paycheck Calculator in QuickBooks is a payroll tool useful for those employers whose employees have a fixed salary. It compares net vs Gross pay for salaried employees. For calculating the employees’ salaries, first enter the amount os the employees’ gross salaries, details of federal filing, and extra tax withholding amounts. Then add the employees’ overtime money and bonuses in the Additional Pay section. Then make sure all the employees’ data was entered correctly. Then calculate the payroll then check once, and download the paycheck. Commonly, this tool is used in every business to provide employees’ salaries.
Hourly Paycheck Calculator
The Hourly Paycheck Calculator in QuickBooks is a payroll tool useful for those employers whose employees work on an hourly basis. They get their salaries that are not fixed, which always depend on their working hour. For calculating the employees’ salaries on the Hourly Paycheck Calculator, you just need to enter the employee details and select the pay rate option, then enter the number of hours the employee works. Also, you can add the overtime, bonuses, or commissions. After feeding all information Then calculate the payroll then check once and download the paycheck.
Net-to-Gross Paycheck Calculator
QuickBooks Net-to-gross paycheck calculator is a payroll tool used to calculate the gross pay required to give a particular net pay as salary to an employee. It is useful for the employers to provide the employees’ overtime money and bonuses to the employees.
Benefits of using QuickBooks Payroll Calculator
The QuickBooks Payroll Calculator is the best tool for the employer because it makes the payroll calculation easy for paying salaries to employees. These Intuit QuickBooks Payroll Calculator tools provide many benefits to an Employer in the time of payroll calculation. i.e.,
- Saving Time and Effort: It provides an auto calculation feature to calculate employee pay, taxes, and deductions.
- Accuracy: it provides the perfect result without any human errors.
- Ease of Use: Its user-friendly interface makes it easy for the employer to operate.
- Automatic Updates: The automatic feature updates itself automatically according to the tax law.
- Detailed Reports: You can generate detailed reports for payroll, taxes, and employee pay history.
- Integration: QuickBooks Payroll Calculator also provides access to all the QuickBooks tools; therefore, you can do your financial work on one platform.
- Cost-Effective: it saves your money, which you invest in other payroll services.
Common mistakes in using the QuickBooks Payroll Calculator
Many users of the QuickBooks Payroll Calculator are making some silly mistakes. That affects the accuracy of the payroll records of an employee.
- Entered Incorrect Employee Information: this is the most important thing in the time of entering the employee details.
- Can’t Stay Updated on Tax Rates: Always remember to stay updated according to the tax law to avoid underpayment or overpayment of taxes.
- Avoid State and Local Taxes: don’t compromise with the states and local taxes because that may be the reason for shutting down your business.
- Not doing the Cross-Check before Finalizing: After entering all the payroll details of an employee, don’t forget to do the cross-check before finalizing, because this is an important thing; by doing this, you can avoid the wrong entered employee details.
- Avoid Overtime and Bonus Amount: Many employees do overtime work to complete their target, and that the responsibility of the business owner to provide the overtime salary and bonus for their overtime hard work.
FAQs
What are Gross Pay and Net Pay in Payroll?
Gross pay refers to the total package in a month for an employee, and net pay is the amount in hand after the deductions of an employee.
Is QuickBooks Payroll Calculator free?
Yes, but it is free for the basic calculation. If you need to calculate an advanced thing, then you need to purchase the subscription.
Can QuickBooks Payroll Calculator handle multi-state payrolls?
Yes, QuickBooks Payroll Calculator handles multi-state payrolls; you just have to put the employees’ information for different states the calculator calculates the correct state and federal taxes for each employee based on their location automatically.
Conclusion
QuickBooks Payroll Calculator is the best Intuit QuickBooks tool that can help you more in payroll calculations. But remember that the result of payroll net and Gross tax is fully depends on the entry details of the employee. If you enter the correct information, then you can get the correct result. So carefully enter the employee’s information for a better experience with Intuit Payroll Calculator. If you have any issues, then contact the QuickBooks Experts for an instant solution.
