Payroll Update: Revised Tax Tables
Intuit has released Payroll Update 21216, with revised tax tables. Several forms updates are also included for Standard and Enhanced Payroll customers. This email also contains important information about a Medicare tax rate change for 2013.
It's important that you receive everything in the Payroll Update so that you will be in compliance with legislation that affects your payroll.
How do I know I have the Payroll Update?
To make sure that you have received the latest update, open QuickBooks and choose Employees > Get Payroll Updates. You should see a message that says,"You are using tax table version: 21216."If you do not have version 21216, click Update.
QuickBooks also provides an automatic updates feature for Payroll Updates. To turn it on, choose Help > Update QuickBooks. On the Options tab, select Yes for Automatic Update.
Disk delivery customers: The next disk delivery is scheduled for early October 2012. If you have an internet connection, we strongly recommend that you download this update now. Simply follow these instructions to install the update.
Beginning January 1, 2013, employers will be responsible for withholding an additional 0.9% Medicare tax on individual employee wages paid over $200,000 in a calendar year. There will be no employer match required for the additional 0.9% tax.
Intuit QuickBooks Payroll is planning to incorporate this change in a future payroll update. You will receive additional details on any steps you need to take at that time.
For more information feel free to visit us online at www.qbgal.com or give us a call at 775-348-9225