![]() It will generate payroll journal entries on your behalf that you can present at tax time. The system will automatically calculate the tax liabilities and gross pay for you. If you use excellent payroll software, you can simplify the process a lot. ![]() If an employee earns 200,000 in salary in 2023, only the first 160,200 of the salary is subject to the Social Security tax of 6.2, for a total annual withholding of 9,932.40. Creating a payroll journal entry is a key part of business accounting. While I'm at it here, I'm also curious as to the experience others have had migrating to another appropriate online bookkeeping service, and if anyone has heard of any entity purchasing and taking over and continuing the incredible simplicity and convenience of the user-friendly GoDaddy Online Bookkeeping software. What features does GoDaddy Bookkeeping include Key features of GoDaddy. If an employee earns 40,000 in wages in 2023, the entire 40,000 is subject to withholdings at 6.2, for a total annual withholding of 2,480. Depending on your business and employees, you may have additional payroll accounts. Go to Settings, then select Products & services (Take me there). Step 2: Set up a withholding tax expense item. ![]() At least I'll have all that downloaded for the first 9 months of calendar 2022, a welcome time-saver for when I get around to doing my taxes in the Spring. To access bookkeeping on GoDaddy, log in to your account and click on the My Products tab. Name the account 'Withholding Tax Expense', then Save. Since I made the decision to go back to pencil and calculator for my Schedule C information (not a big deal with the reports already available on my eBay and Amazon accounts), I have still been using my GoDaddy account for manual entries of mileage, COGS, supplies, and other business-related expenses. withholding and filing, and a highly organized system that can be relied upon to pay each employee the right amount of money. For all the sellers who have been blindsided by the demise of GoDaddy Online Bookkeeping a few months back, this is the last chance to use their services for manually entering information and downloading the content.
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