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Payroll Utilities:

Updating Tax Tables

 

Existing values are loaded & displayed when this form loads. To change an existing value, just enter the new value, or hit return/enter on a blank line to advance to new field & leave the existing value unchanged.

 

All values needed to keep this table up to date can be found in IRS Publication 15 (Circular E).

TaxUpdate form screen image

 (Picture Shows Updated Values for 2011)


FICA / Medicare: Hopefully these items are self-explanatory

FICA - Seperate entries have been added for Employoer's & Employee's share                Medicare- .029 


 

Withholding Allowances: This value comes from Table 5.

IRS - Table 5 image


The lower part of the -Update Tax Table Form- uses values that can be found in Table 1of the Tables for Percent Method of Withholding, as shown below.

Update Tax form screen image

IRS - Table 1 image

Just follow the colored arrows to fill in the various boxes.


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