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Replying to:
MariaSoledadG
QuickBooks Team

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I have some details to provide as to why federal taxes show as negative amounts, Carlsonang.

 

Federal taxes that will show as negative amounts indicate an overpayment in the normal process. You'll want to drill down the Balance Sheet report by clicking the negative amount so you'll be able to trace and double-check that the transactions entered are correctly entered in QuickBooks. I would also suggest reaching out to your accountant to double-check the impact on each posted account used if there's a need to change a category

 

On top of that, learn how QuickBooks calculates taxes to understand the taxes reported on your employees' paychecks and payroll forms. I've added this for more details: Understand How Your Payroll Taxes Are Calculated.

 

Additionally, take a closer look at your business finances and employees' information. Go through this article for more information: Run Payroll Reports.

 

I'm always here to help if you have any other questions about federal taxes. Just add a comment below. Wishing you a good one!

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