Below is information from Microsoft on the most recent changes:
- The Employee FICA rate will go up to 6.2 ...this was not part of the fiscal
disaster this weekend; this is the rate currently on our 2013 tax tables
we released on Friday 12/21/2012. If you have already installed
Round 1 then there is nothing more to do until the next release as stated
in #2 below.
- Microsoft
is waiting for the final publication to be released for Federal and then
they will release the Round 2 Payroll Tax Update with all Federal and
State changes currently pending, so far only table changes.
- Regardless
of whether you are on the below list of states, you will need to have the
Round 1 update because of the FICA changes.
- California
- Kansas
- Kentucky
- Maryland
- Minnesota
- Nebraska
- New York
- North Dakota
- Yonkers
- FICA Employee Social Security limit $113,700
- FICA Employee Social Security Rate 6.2
- 2013 New Employee Medicare Taxes on High Earners (after $200,000) extra .9 (2.35)
Once you install the update, the new date is 1/1/2013.
2012 tax tables MUST be loaded when you CREATE the year end wage file for the FICA SS and FICA MED to be correct and not cause validation errors for customers.
Contact support@collinscomputing.com if you run into any issues.
If you haven't already done Year End, CLICK HERE for Year End Procedures.
**NOTES**
There are more state changes but Microsoft has pushed those to Round 2 which is due to release around 1/21/2013. This will have code changes.
If you have any questions or need help, please contact support@collinscomputing.com or call (888) 391-6690.
