| Weekly Tasks | ||
| Run Paypal Activity report, copy into the paypal workbook | ||
| See separate Paypal instructions | ||
| Print prior week's transactions from First National Checking bank register. | ||
| Add all payments to the register in QB | ||
| For Customer Deposits, make note of the checks that were included | ||
| This makes it easier when making deposits in qb | ||
| Integrate Deco & QB - brings all deco invoices and payments into QB | ||
| Monthly Before the 15th: Payroll tax | ||
| 1) Print Payroll summary (reports>employees and payroll) for previous month | ||
| 2) Choose Employees and Payroll in QB | ||
| >Pay Liabilities | ||
| >Choose State and Federal payroll taxes | ||
| >Confirm $ amounts against the report you printed | ||
| >Pay state, then federal taxes, print confirmation for each | ||
| >Payment automatically shows up in your QB register | ||
| 3) Staple Payroll summary and confirmation; put in the payroll tax folder | ||
| Monthly Before the 20th: Sales tax | ||
| Print: Vendor > Sales Tax summary for previous month | ||
| Go to mytax.illinois.gov | ||
| Choose ST-1 (sales tax) | ||
| Complete Schedule A and form ST-1 | ||
| If you pay on time you get a discount, make sure to check the box | ||
| Submit and print: | ||
| 1) Confirmation | ||
| 2) Form | ||
| Enter this payment in QB: | ||
| IN Vendor > Sales Tax > Pay Sales Tax | ||
| click on the Illinois Sales Tax amount | ||
| Adjustments may need to be made to the sales tax amount so it matches what you paid | ||
| Quarterly: | Before the last day of the month following the end of the quarter | |
| Q1 | By 4/30 | |
| Q2 | By 7/31 | |
| Q3 | By 10/31 | |
| Q4 | By 1/31 | |
| *Once submitted and printed, file all of the below in the Payroll Tax folder | ||
| Form IL 941: State Payroll Witholding | ||
| Shows that you paid what you owed, by month, for the past quarter | ||
| Use the Payroll Detail report for the prior quarter and summarize payments | ||
| by employee and by date | ||
| See for example: | ||
| File on mytax.illinois.gov; no payment should be necessary | ||
| Print form and confirmation | ||
| Form 941: Federal Payroll tax witholding | ||
| Similar to IL 941 | ||
| Form is at: https://www.irs.gov/pub/irs-pdf/f941.pdf | ||
|
Needs to printed, signed & mailed along with payment |
||
| *make a copy for your records | ||
| Mail to: | ||
| Department of the Treasury | ||
| Internal Revenue Service | ||
| Kansas City MO 64999-0005 | ||
| (.doc file on the thumb drive that you can print and cut to fit the envelope) | ||
| file name: | ||
| No payment should be necessary | ||
| Form UI-3/40; Quarterly contribution and wage reports (unemployment) | ||
| Similar to the IL 941 but you will have to make a payment | ||
| Fill it out at mytax.illinois.gov | ||
| Confirmation | ||
| Form | ||
| Enter payment in QB | ||
| Annually | By Jan 31 | |
| Wisconsin State sales tax | ||
| tap.revenue.wi.gov | ||
| The website is very similar to the Illnois site | ||
| For this you have to pay an additional % based on county - the county is noted in the Wi Sales Tax folder | ||
| In QB, Print Sales tax report for the year | ||
| Enter sales info in the WI website | ||
| Confirmation | ||
| Form | ||
| Enter payment in QB | ||
| Form 944 Federal Tax Return | ||
| Form 940 Employers Annual Federal Unemployment | ||
| Requires payment | ||
| Like Quarterly federal form, needs to printed, signed & mailed along with payment | ||
| Make a copy for your records | ||
| Form W2 | Employee tax forms | |
| Purchase blank forms from Office Max - | ||
| They come with all the copies you'll need and envelopes | ||
| QB will send them electronically to the IRS | ||
| Form W3 - | To be filed electronically | |
* Subject to periodic updates.
