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Oops, the boss made a mistake!

January 30th, 2009 at 05:20 pm

I received an email at work from the boss that states that 2007 W-2s need to be amended because the box for gross income included 401k contributions when it should not have. I was not employed here in 2007 so I don't need to worry about it but it got me thinking that I should probably change the way in which I track my and my husband's income in Quicken. As it stands now, I enter the net amount but I think I will set it up so that I enter gross amounts and then show deductions for taxes, 401k etc. That way I will know at year end if there are any discrepancies between the info that I have and our W-2s, and since we've only had 2 paychecks each so far this year it will be easy to go back and correct the ones that have already been entered.

I work at a small firm where the boss does the payroll. I've suggested that he get a payroll service but he ignored my suggestion. Maybe now, he will reconsider.

6 Responses to “Oops, the boss made a mistake!”

  1. monkeymama Says:

    Yikes!

    Eh, you are probably better off with the boss. LOL. Those payroll services are horrific. They really don't get much right either... Those payroll mills are the bane of my existence. They only charge pennies though compared to a professional who will do it right. May not be cost effective though, for a small business. So may be best off with the boss doing it!

  2. Little L Says:

    Really? At my old job we used Paychex and we never once had a problem with them, although they weren't cheap either. I suggested that the boss use Costco's payroll service because they had a special that was super cheap and only a fraction of what we paid at my old job and we were a smaller firm. He never responded and he still does payroll himself. Apparently he likes to keep a tight lid on finances which I can understand but still...

  3. cptacek Says:

    Our company's payroll service sent out the W2's this year and they forgot to put an X in the box that says you have a retirement plan. They had all of us download them and print them instead of them printing them themselves and sending to us (which I thought was good...saving postage and an envelope and all) but this meant that everyone had to print them twice.

  4. monkeymama Says:

    My first experience was with ADP I believe, when I Was a bookeeper in college. They did payroll for our THREE employees once a month and they messed it up every month. I am not sure how much simpler it could have been. Anything out of the ordinary? A nightmare...

    Since then many of my clients have used ADP or PayChex. They don't get much right. & if you catch a mistake (Which we often do) - good luck getting them to fix it. Ugh.

    Anyway, we had a client using Wells Fargo, never a complaint. He switched to Paychex because it was "cheaper" by like $5. Seriously. I just wanted to bang my head on the wall. LOL.

    If our clients didn't hire us (usually just to do their taxes or financials) they would have no idea all the mistakes that would never be caught.

  5. whitestripe Says:

    I do the payroll for my familys business, there are only 6 employees though. I use MYOB software to do the book keeping, and they have a payroll portion too, but it is about $300 extra a year.

  6. Amber Says:

    I use MSMoney and track my IRA contributions along with taxes paid which is great I think they have one for small business or he may want to try quickbooks

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