Payroll Tab- New Product Feature

Quicken (inexpensive &lacking features) vs. QuickBooks (complete yet, expensive)

I would think that my wife and I are not alone in this scenario. Aging parents and relatives that require as much as 24-hour care by non-family people. These "employees/contractors" can either be issued a 1099 as a contractor as we have done in the past or as our CPA suggested the IRS might consider them employees and we should issue a W-2 for annual income. It is easy to create a 1099 report, but a W-2 requires a more sophisticated system. Thus, creating a tracking system that is not readily available in the latest Quicken release. I am sure there might be back door work-around. However, this means (1) tracking hours and an (2) hourly rate. Applicable (3) W-4 form for deductions and subsequent withholdings for (4) Federal Income Tax, (5) State Income Tax (where applicable), (6) FICA (Social Security) and (7) Medicare amounts. These features (# denotation) would involve the appropriate category tracking, IRS forms and involve calendar dates for submitting to IRS the appropriate amounts.
This may also require and new format for printing checks.
At present Quicken R33.24, does not have an “employee” tab, yet as the population gets older and fewer children are able to devote the full time to the quality of care that parents deserve and the ease of paying the caregivers.
This feature I believe would set Quicken apart from any of the Personal Finance Software now available.
3 votes

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