2014 Payroll Tax Withholding Tables and Accrual Year End

Transcription

1 2014 Payroll Tax Withholding Tables For the following tax rate changes, within WinPAY, choose FILE TAX TABLES. Choose OPEN SEARCH, and then individually choose each of the following tables: Federal Married Federal Single FICA Employee FICA Employer The NEW 2014 FICA limit is $117,000 ***After changing your tax tables make sure you exit the payroll program and go back in. The tax tables don t change until you do. *** Call Technical Software Support at (608) if you have any problems or questions *********STATE TAX AND UC INFORMATION IS NOT INCLUDED IF YOUR STATE TAX RATES HAVE CHANGED YOU WILL NEED TO CHANGE THE TAX TABLES FOR YOUR STATE******** Page 1 of 9

2 FEDERAL TAX RATES - MARRIED for 2014 Note: Change the Exempt Amount for Federal Married and Federal Single. This should be 3950 for both. Page 2 of 9

3 FEDERAL TAX RATES - SINGLE for 2014 Note: Change the Exempt Amount for Federal Married and Federal Single. This should be 3950 for both. Page 3 of 9

4 FICA CHANGES for 2014 IMPORTANT: CHANGE THE UPPER LIMIT IN THE TABLES ONLY AFTER GENERATING YOUR W-2 S. FICA Employee change for 2014 FICA Employer change for 2014 Page 4 of 9

5 To change the FICA Maximum Amount in each employee s recurring entries: Click on Employee Employee Recurring Entries then click the Open button. The following window will appear: Click the Include Inactives checkbox and click the Search button. Many of you will find a SAMPLE EMPLOYEE if you scroll through the list (may also be called MASTER EMPLOYEE). Those of you who don t have a SAMPLE/MASTER may select any employee who has the FICA deduction. Click on the SAMPLE/MASTER/employee in the list and then click OK. Page 5 of 9

6 Scroll down the list of paycodes until you come to FICA, then scroll over to the left until you reach the Maximum Amount column and enter for the Employee FICA deductions. Scroll to the Employer FICA deduction and enter then click the Save button and Close. IMPORTANT NOTE Make sure the sort order is the same for all employees or Copy Recurring Entries will not work properly and paychecks will not calculate properly. Page 6 of 9

7 Next go back to the Employee menu and select Copy Recurring Entries. The following screen will appear: In the Copy From Employee box use the drop down and select your SAMPLE/ MASTER/Employee that you used to change the Maximum Amount. In the Paycodes to Copy window select Social Security W/H and Emplr Social Security (or whatever name they have on your system). All of your employees will appear in the Copy to Employees; click the Mark All button or select the employees who have Social Security withholding. If an Active Employee was used, unclick that employee in the Copy to Employee box. In the Add Code To check Recurring Payroll. In the On Duplicate Paycodes, select Replace Old, then click Save. *****BE ABSOLUTELY SURE THAT YOU SELECT ONLY SOCIAL SECURITY W/H AND EMPLR SOCIAL SECURITY AND NO OTHER PAYCODES***** This will copy the maximum amount to all employees with Social Security withholding. If your sort order is not consistent, please call HAB Support to update the Maximum amounts using SQL. Page 7 of 9

8 PAYCODE CHANGES FOR NEW LIMIT The yearly limit for the paycode also needs to be increased on Employee Deduction for Social Security (FICA) and Employer Liability for Social Security (FICA-R) FILE PAYCODES Open Deduction for FICA and modify the Yearly Limit. Open Liability for FICA-R and modify the Yearly Limit. Page 8 of 9

9 ACCRUAL ROLLOVERS Prior to running the first pay run of the year prior to processing, you should do your accrual rollovers. The paycheck stub only looks at the current year entries for vacation, sick, etc. This is a 2 part procedure. FILE PAYROLL ACCRUALS ROLLFORWARD YEAR END BALANCE Click in the far right column for those paycodes you want to roll forward into the new year and hit the process button. This will create an entry for 01/01/2014. FILE PAYROLL ACCRUALS CLOSEOUT YEAR END BALANCES Click in the far right column for those paycodes you want to closeout (the same ones you rolled forward) and hit the process button. This will create an equal offset entry for 12/31/2013. Page 9 of 9