Written by Oleg BekkerThursday, 20 January 2011 19:31
Payroll Update: State Tax Forms, Tax Table Updates
Intuit has released Payroll Update 21104 , which includes updated state forms for tax year 2011 as well as tax table and E-File and Pay updates for several states. To see the complete contents of this update, click here.
What do I need to do?
It’s important that you receive everything in the Payroll Update to make sure that you are in compliance with legislation that affects your payroll. Just follow these three simple steps:
1. Check to see if you have Automatic Updatesturned on.
— Choose Help > Update QuickBooks.
— On the Options tab, you will see either Yes or Noselected for Automatic Update.
2. If Yes is selected, you should receive all Payroll Updates automatically when they are released the next time you are connected to the internet.
You can verify that you received Payroll Update 21104 from within QuickBooks. Go to Employees > Get Payroll Updates > Update. You should see a message that says, “You are using tax table version 21104.”
3. If No is selected for Automatic Update, you need to download the update manually. Click here for instructions.
Disk delivery customers: The next disk delivery is scheduled for late January or early February 2011 and will include these updates.
The Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010 signed by President Obama in December includes a one-year reduction in the Social Security payroll tax for all workers. Effective January 1, 2011, the employee portion of the tax is 4.2%. However, the employer portion of the tax is unchanged and will remain at 6.2%.This means that the liabilities for employee and employer portions will not match for tax year 2011.
Intuit QuickBooks Payroll addressed this change in Payroll Update 21102, which was released on December 28, 2010. For more information, click here.
The 2011 federal withholding tables do not include the Making Work Pay credit. This credit expired on December 31, 2010, which means that your employees may see an increase in their federal withholding taxes on their 2011 paychecks. For details on the 2011 withholding tables, see Publication 15 on the IRS website.
Intuit QuickBooks Payroll addressed these changes in Payroll Update 21102, which was released on December 28, 2010. For more information, click here.
Prepare for the upcoming tax season by visiting the Intuit QuickBooks Payroll Year End Center. This year, we’ve made it even easier to find the resources you need—from a year-end checklist and Intuit Payroll updates to interactive tax forms and a payroll reference calendar.
We’re here to help! Use our searchable knowledge base to find quick answers to your questions, or ask for advice from community experts, including other payroll users. Intuit Payroll support agents are also available to provide free assistance for all your year-end needs.
Visit the QuickBooks Payroll Year End Center now to avoid costly year-end mistakes and to get a jump on payroll preparations for 2011.
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