If' you're running payroll in QuickBooks, you'll want to know about these 2013 changes. They should download automatically with the Intuit payroll tax table updates.
First of all, the Employee Social Security Rate changes back to 6.2% for 2013, from
the 4.2% it's been these last couple of years.
Next, beginning 1/1/2013, employers will be responsible for withholding an addition 0.9% Medicare tax from employee's wages and compensation paid in excess of $200,000 in the calendar year. A new payroll tax item, Medicare Employee Addl Tax, is provided in the end of year Payroll Updates to support the 0.9% Additional Medicare Tax. This update is, "Simple", says Intuit. Here is the 21 page manual for this "simple" fix.
Next, beginning 1/1/2013, employers will be responsible for withholding an addition 0.9% Medicare tax from employee's wages and compensation paid in excess of $200,000 in the calendar year. A new payroll tax item, Medicare Employee Addl Tax, is provided in the end of year Payroll Updates to support the 0.9% Additional Medicare Tax. This update is, "Simple", says Intuit. Here is the 21 page manual for this "simple" fix.
Plus, there is a FAQ bug report in case it doesn't go as planned. Hats off to anyone doing payroll. If it's not simple, than that means that you are smart.
