Posts by cosmictinker24

So, I’ve been sitting on this open pro forma invoice since 2010—back when the sales tax was at 23%—for a single debtor who happens to be an individual. They made some tiny little payment way back then, which we recorded against that old debt from 2010.
Fast forward to today, and we finally received the rest of the balance along with interest. Now we need to actually book this properly and issue a real invoice. The headache is the sales tax... we originally just used pro formas because dealing with these types of individuals who don't pay on schedule is always such a mess.

cosmictinker24 said:That’s exactly how I handle it...
But, I have to ask—if someone is on a fixed salary, do you really need to break down every single hour like that?
Say the total is 184 hours for a bi-weekly check, and the gross pay is $5,500.00.
So, $5,500 / 184 = $10.00 per hour. Do I actually have to take that hourly rate and multiply it by 160 for regular time, 16 for holidays, and 8 for sick leave? Or can I just put $1833 under Total Earnings and call it a day?

I just got access to the Payroll module in Accenture and, honestly, I'm feeling a bit lost. I process everything based on gross amounts for all employees, so I'm wondering—if benefits like regular work, sick leave, vacation, and holidays are being separated, do those specific amounts actually need to be calculated individually? Or can I just list Regular Work as $5,500.00 and set all the other benefit lines to 0.00?

Thanks,

Brenda Chase3 said:I prefer to separate them simply so everything stays transparent and easy to track. Using your specific example, my breakdown would look like this:
Regular work: 160 hours (pay rate factor 1.0)
Holidays and paid non-working days: 16 hours (pay rate factor is also 1.0 since the employee didn't actually work the holiday, but is still being compensated)
Sick leave: 8 hours (we use a factor of 1.0, meaning we don't reduce the salary by a certain percentage unless it spans multiple days, though that can vary depending on the company policy)

That’s exactly how I handle it...
But, I have to ask—if someone is on a fixed salary, do you really need to break down every single hour like that?
Say the total is 184 hours for a bi-weekly check, and the gross pay is $5,500.00.
So, $5,500 / 184 = $10.00 per hour. Do I actually have to take that hourly rate and multiply it by 160 for regular time, 16 for holidays, and 8 for sick leave? Or can I just put $1833 under Total Earnings and call it a day?

Quick question here!

When you guys are running payroll, how are you handling federal holidays? I mean, when we aren't actually working because of a holiday, do you list those hours under section 3 for paid time off/holidays on the OP form, or do you just lump them in with regular hours under section 2? I was talking to this woman who told me she doesn't bother separating holidays from regular work hours since they're paid anyway... I mean, sure, if you actually *work* on a holiday, you get that overtime premium, but if it's just a day off, you still have a right to be compensated, right?
Here’s my breakdown: For the period of 1/14—totaling 184 hours—she worked 160 hours, had 16 hours of holiday pay, and 8 hours of sick leave. So, I report it as 160 regular daytime hours, then put the 16 holiday hours under section 3.3, and the 8 sick hours under section 3.2 for temporary disability.
Is there any chance I'm doing this wrong? Someone please set me straight if I am.
What do you all think?

Brenda Chase3 said:I have no idea who told you that only invoices with sales tax go into the IRS filings. All incoming invoices are valid entries; that is exactly why the "not subject to tax" fields exist in the first place.
The way you handled the entry sounds perfectly fine based on your description. 😉

Thanks a million!

Brenda Chase3 said:Of course it goes in. An invoice is an invoice, whether it includes sales tax or not. You simply enter the total amount of the invoice into your IRS records.

I usually enter the amount $167 and then put the rest under "not subject to $500" because if I just type in the total invoice amount, the software automatically splits it into the base price and the tax... In my KPI, I manually book it under expenses—against the checking account $167 and the total allowable expenses $167..
I know this sounds like a pretty dumb question, but I read somewhere that invoices without sales tax shouldn't be included in IRS filings... so I figured I'd share what I've been doing
thanks

We just got an invoice from a vendor who isn't registered for sales tax for some work they did for us. I'm wondering if this should even hit our books with the IRS, or... maybe it should? How do I go about recording this under Expenses as is—$167 without any sales tax included?

Thanks

Does anyone here actually understand how payroll works when you split a month between working and being out on leave to care for a child over three? I’m trying to wrap my head around the math—I work part of the month and get my regular pay based on hours worked (days worked times 8 hours to get my total monthly hours; then those hours times my gross salary divided by the standard monthly hours), but then there's the other half...
For example, if I work normally from March 1st through March 24th—that’s 16 days (16 days x 8h = 128h; 128h x $5,500.00 gross / 168h = $4,190.48 gross), and then I just calculate taxes and deductions from there...
But from March 25th to March 31st, I'm on leave to care for my kid (how does that calculation even happen? I know my employer pays me, but they then seek reimbursement from the Census Bureau). Do I need to provide my pay stubs covering the six months leading up to when the leave started?
If anyone has dealt with this before, please, could you walk me through it or maybe give me an example?
Thanks

driftingfox24 said:Anyway, here's the answer at this link:
http://www.accounting-taxes.com/

So, I stopped by the IRS office yesterday, and the clerk mentioned they just started mailing out the notices.
As for those payroll taxes... I guess you can pay them upfront if you want to be proactive—both the employment tax and the other stuff—but there's really no rush. You could just wait for the official notice to arrive since the deadline isn't until March 15th. They’ll definitely get to us by then, and we shouldn't have to worry about any late interest kicking in before that date...

Karen Smith34 said:Anyway, I'll ask one more time: has anyone actually heard back from the IRS with their number?

Yeah, we actually got ours a few days ago. The IRS just sent it over to us directly.