What Are Payroll Fields?
Payroll fields are to your employee records (ledgers) what
accounts are to your general ledger. All the various payroll taxes
that your company or your employees pay must be defined
as payroll fields. Most common payroll deductions, allowances,
and additions (for adjusted gross amounts) are set up when you
answer the questions in the Payroll Setup Wizard. Any additional fields you may need can be set up in Employee Defaults.
Peachtree uses these fields to compute all the deductions and allowances that, together with gross pay rate information stored in the employee record, make up net pay.

You can use these fields:
❖To compute and print amounts on the employee’s W-2 form.
❖To compute employee-paid state taxes.
❖To compute employer-paid taxes, such as unemployment, disability, and training.
❖To act as a holding place for any amount you want to track, dollars or otherwise, that should be updated by payroll processing. (For example, you can set up a payroll field to track advances and repayments for employees.)

What Are Payroll Formulas?
A payroll field can have a formula attachedto it that defines how the field is calculated. You can enter these formulas yourself, in User-Maintained Payroll Formulas. Or, you can subscribe to one of the Peachtree tax services, and have most of them updated for you (in Peachtree-Maintained Payroll Formulas) as tax regulations change.

Payroll Setup Wizard

For examples of how to set up formulas and tables, open the sample company Bellwether Garden Supply. From the Filemenu, select Payroll Formulas, then User-Maintained. Select a tax that resembles what you are trying to set up and note the formula and (if applicable) the tax brackets in the example. These formulas and tables are only examples;you should verify their accuracy by checking the latest calculation rules from the IRS (www.irs.gov) or your state or local tax agency, or by making sure the values entered match company policies (for examples regarding 401K, vacation, etc.).

Setting up payroll fields and formulas can be one of the more complex features of Peachtree. You should carefully evaluate this decision, perhaps in consultation with your accountant.

Payroll Setup Wizard
Most basic payroll information and standard payroll fields are set up for you when you fill in the information in the Payroll Setup wizard.

➥From the Maintain menu, select Payroll, and then choose Payroll Setup Wizard.

Once you have completed the wizard, you can still edit payroll
information there. But the name of the wizard changes to
Payroll Settings Wizard.

Your first choice is between Peachtree’s full-service payroll, one of our tax update services, or setting up and processing payroll yourself.

Watch this Youtube Video to See How it works. Please while watching Subscribe and comment on our Videos

https://www.youtube.com/watch?v=x77ubgW291I