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Integrating Payroll into QBO streamlines reporting, bringing your services all under one roof. Use the Wizard to send 1099s to your Subcontractors and submit your 1096 to the IRS. If it’s a subcontractor whose labor you pass on to the Customer for repayment, be sure to use the Item Details area. They can then turn this into their QBSE subscription if they choose.Ĭlick the blue Write Check link to pay contractors for their services.
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This also gives them a free QuickBooks Self-Employed account to manage their clients and W-9s. QBO will send the Vendor an online W-9 form to fill out electronically. The Contractors tab (shown below) makes this easy.Ĭlick the green Add a Contractor button. so you won’t have to chase them down for their addresses and Social Security Numbers or EINs (Employer Identification Number) in a deadline panic. That way you will know if they are going to be subject to 1099, or if they are an LLC or an Inc. In January, you must send all your Contractors 1099 Forms, and submit 1096 Forms to the IRS.Įvery independent contractor should fill out a W-9 form as soon as you retain them to perform any work or supply any materials. In many cases, S-Corps are exempt, although some exemptions apply. They are frequently referred to as 1099 Subcontractors.Ī Contractor is typically a Vendor you pay over $600 in a year for products or services 2. If you have independent contractors who work for you but don’t qualify as Employees, QuickBooks Online considers them Contractors. To enroll in a plan simply choose the plan you like by clicking the green Get Started button located on the Employees tab inside QBO.Ī special note if you are a QuickBooks ProAdvisor reading this, you can get wholesale rates when signing-up your clients, you can learn more about those offerings in your ProAdvisor benefits. You can look at details and compare the plans at this official Intuit payroll website 1.
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Elite adds white-glove on-boarding, a guarantee against mistakes, 24/7 support, and an HR advisor. Premium adds Time Tracking with TSheets, expert review of your settings, and HR Support Center, and same-day Direct Deposit. Where they differ is in the amount of support you receive. The Workers Center (as shown below) accessible from the left navigation pane is where you’ll find both the Employees and Independent Contractor tools you need to make these task easier. When a business owner chooses the later option QuickBooks can help them with their choice. In other cases they choose to undertake payroll and contractor payment processing themselves. In some cases the owner chooses to retain the services of an independent bookkeeper or CPA, or even a payroll company to do this work.
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It’s also critical to double-check that the funds have been money set aside for monthly and quarterly taxes associated with obligations related to these payments. Making that leap requires additional capital and know-how.Ī business owner must make certain that their employees and independent contractors get paid accurately, on time, and using the correct methods. As a business evolves, the owner grows from being the service provider to becoming the administrator.
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In this lesson we need to look at the features QBO provides for handling both employee payments in the form of payroll, as well as payments you might need to make to independent contractors.Ī company’s success depends on the people who perform the work. As we wrap-up our look at the various workflows associated with payments within QuickBooks Online, we have just one area remaining.