Payroll

Thursday, August 29th, 2013

Ohio Payroll Tax Reduced Effective Sep 1, 2013; Tables Updated

A new version of Payroll Mate ® payroll software has been released to implement Ohio’s New Income Tax Cut.

Ohio’s House Bill 59 (H.B. 59) cuts Individual Income Tax Rates 10% or $3 billion over the next three years.

Ohio employers must implement the new withholding tables starting September 1, 2013.

Below are the new tables:

 

More Than    But Not More Than                                               Amount To Be Withheld Is:

 

$              0 $    5,000.00 0.581% of such amount
5,000.00 10,000.00 29.05 plus 1.161% of excess over $   5,000.00
10,000.00 15,000.00 87.10 plus 2.322% of excess over $ 10,000.00
15,000.00 20,000.00 203.20 plus 2.903% of excess over $ 15,000.00
20,000.00 40,000.00 348.35 plus 3.483% of excess over $ 20,000.00
40,000.00 80,000.00 1,044.95 plus 4.064% of excess over $ 40,000.00
80,000.00 100,000.00 2,670.55 plus 4.644% of excess over $ 80,000.00
100,000.00 3,599.35 plus 5.805% of excess over $100,000.00

 

Click here to download a new version of Payroll Mate with the latest withholding tables.

 

Wednesday, August 28th, 2013

How to Print IRS Form 943 using Payroll Mate Software

 

Payroll Form 943 is used by agribusinesses, farm owners and other employers of agricultural workers for reporting the withholding of federal income taxes (FIT) and FICA taxes (Social Security / Medicare) on wages paid to agricultural workers. Form 943 is used for agricultural employees even though the employer may employ non-agricultural workers. Please consult with the IRS if you are unsure if you need to file form 943 or 941.

Our Payroll Mate software generates ready-to-sign 943 and 943 schedule A by following these simple steps:
1. Under the company Federal Tax Information setup make sure the company type is set to “Agricultural (Form 943)”.

2. Click on the “Forms” button from the left toolbar inside the software and then select “943”.

3. Payroll Mate will show a screen with all the boxes required for filing form 943 pre-populated. Make sure to preview and double check this information especially boxes (1 through 6).

4. If you would like to make any adjustments, click the “Override Calculations Button” and enter new values.

5. If you are a tax preparer (accountant, CPA) you can enter the preparer info by selecting “Edit Preparer Info” and entering your information. The info you enter in this screen will be saved by the payroll software so you do not have to re-enter each time.

6. Click the “Preview” button to see how the final 943 form will look like.

7. When you are ready to print the 943 return click “Print” and select the desired printer.

9. Sign, and mail Form 943 to the IRS.

If you do not already use Payroll Mate you can download a free trial by visiting the page below:

http://www.realtaxtools.com/download.html

 

Payroll Mate Best Value in Payroll Software

 

Friday, March 15th, 2013

2013 Form 941 Published

We have released a new copy of our Payroll Mate payroll software with support for the latest 2013 form 941 (Employer’s Quarterly Federal Tax Return). The IRS has introduced a number of changes in the form for 2013 to reflect the recent updates in tax laws and regulations.The percentage on Box 5a is now .124 instead of 0.104. This change reflects the increase in employee portion of social security tax from 4.2% to 6.2%.

The IRS also introduced a new box : 5d Taxable wages & tips subject to Additional Medicare Tax withholding.  This box is used to report additional Medicare tax which became effective in 2013 for wages above $200K.

If you already own a copy of Payroll Mate 2013, you will automatically get this new 941 form through the built-in auto update feature. If you would like to download an evaluation copy of Payroll Mate 2013 you can do so by visiting our payroll software download page.

 2013 IRS Form 941

 

Wednesday, January 9th, 2013

California Pay Stub Requirements | California Paystub Rules

The new release of our Payroll Mate software generates employee paystub (itemized wage statements) that follow the California pay stub law.

You can download a free trial of Payroll Mate by going to http://www.PayrollMate.com/ .

Pursuant to California Labor Code Section 226(a), employers are required to provide employees with a paystub or itemized wage statement showing the following information: Gross wages earned; total hours worked; the number of piece-rate units earned and any applicable piece rate if the employee is paid on a piece rate basis; all deductions; net wages earned; the inclusive dates of the period for which the employee is paid; the name of the employee and the last four digits of his or her social security number ; the name and address of the legal entity that is the employer ; applicable hourly rates in effect during the pay period and the corresponding number of hours worked at each hourly rate by the employee.

 

Payroll Mate Best Value in Payroll Software

 

Tuesday, January 1st, 2013

2013 Social Security Tax Rate is 6.2%

 

For 2013, the employee tax rate for social security increases to 6.2%.

The social security wage base limit increases to $113,700.

The employer tax rate for social security remains unchanged at 6.2%.

Employers should implement the 6.2% employee social security tax rate as soon as possible, but not later than February 15, 2013. After implementing the new 6.2% rate, employers should make an adjustment in a subsequent pay period to correct any under-withholding of social security tax as soon as possible, but not later than March 31, 2013.

Payroll Mate payroll software has been updated to include the new social security tax rates for 2013 and other payroll tax changes. Free trial can be downloaded from here:

http://www.realtaxtools.com/payrollsoftware/payroll_software.html

 

Payroll Mate Best Value in Payroll Software