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Subject Author Date
QB2006 - SEP item on pay stubs vero215 06-15-2006
Posted by vero215 on June 15, 2006, 5:27 pm
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 We upgraded from QB2003 to QB2006. We use the QuickBooks basic payroll
service subscription and everything is set for automatic updates.

In the QB2003 version, the amount of money the company paid into each
employee's SEP Plan did not appear anywhere on the pay stub (either because
it couldn't be done or because we didn't know how to make it appear).

In QB2006, the amount that the company pays into each employee's SEP Plan
does appear on the employee's pay stub. But it shows up under the heading
"Taxable Company Items" and then shows the current amount and the
year-to-date amount.

Isn't the "Taxable Company Items" heading a mistake because the SEP Plan
contributions are not taxable to the company and they are not taxable income
to the employee? Although I don't think it makes any difference, we are a
tax exempt nonprofit corporation (with 5 employees).

Assuming the "Taxable Company Items" heading is incorrect, is there a way
for us to correct that on the pay stubs? We think we entered everything
correctly when setting up the SEP Plan in the QuickBooks payroll program,
but maybe there's something somewhere that we did wrong.

Thanks.



Posted by Allan Martin on June 15, 2006, 9:16 pm
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> We upgraded from QB2003 to QB2006. We use the QuickBooks basic payroll
> service subscription and everything is set for automatic updates.
>
> In the QB2003 version, the amount of money the company paid into each
> employee's SEP Plan did not appear anywhere on the pay stub (either
> because it couldn't be done or because we didn't know how to make it
> appear).
>
> In QB2006, the amount that the company pays into each employee's SEP Plan
> does appear on the employee's pay stub. But it shows up under the heading
> "Taxable Company Items" and then shows the current amount and the
> year-to-date amount.

Items listed under Taxable Company Items are items the employee is paying
taxes on. It is set up wrong.

>
> Isn't the "Taxable Company Items" heading a mistake because the SEP Plan
> contributions are not taxable to the company and they are not taxable
> income to the employee? Although I don't think it makes any difference,
> we are a tax exempt nonprofit corporation (with 5 employees).
>
> Assuming the "Taxable Company Items" heading is incorrect, is there a way
> for us to correct that on the pay stubs? We think we entered everything
> correctly when setting up the SEP Plan in the QuickBooks payroll program,
> but maybe there's something somewhere that we did wrong.
>
> Thanks.
>



Posted by vero215 on June 17, 2006, 1:51 pm
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Just to follow up, we think we have the SEP Plan setup resolved but we're
not sure what caused the problem in the first place or exactly how we fixed
it.

We didn't make any changes regarding the SEP Plan when we upgraded from
QB2003 to QB2006. We just did the upgrade and opened the QB2003 file we had
been using (after making backups, etc). Even though our SEP Plan showed up
as being under "Company Taxable Items" in the QB2006 pay stubs, we checked
and the company's SEP contributions were not included in any State (New
Jersey) or Federal income tax computations for the amount of tax the program
withheld. All of the setup settings for the SEP Plan appeared to be
correct, but somehow the SEP part seemed to be connected in some way to the
Unemployment Compensation withholdings (we don't know why or how). But then
we tried checking "default" in the SEP Plan setup and now it no longer
appears on the pay stubs as a Company Taxable Item. As of June 30 we'll
reconcile the amount of Unemployment Compensation withholdings with the
correct amount that should have been withheld and see if that's where an
error in withholdings occurred.

Thanks again.


>>
>> Items listed under Taxable Company Items are items the employee is paying
>> taxes on. It is set up wrong.
>>
>
> Thanks. We'll see if we can figure out what we did wrong in the setup
> process and I'll post back here when I know more.
>



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