This program is for entering the current federal payroll taxes for Social Security, Medicare, and FUTA. These rates are then inserted into every Payroll Section. Refer to the IRS Publication 15: Circular E, Employer's Tax Guide.
| Social Security Taxes - Refer to the Circular E section "Tax rates and the social security wage base limit."
|
| Employer's: Enter the rate for the employer's portion of the social security tax. If the tax is 6.2% then this would be 0.062.
|
|
|
| Employee's: Enter the rate for the employee's portion of the social security tax. If the tax is 6.2% then this would be 0.062.
|
|
|
| Limit: Enter the "wage base limit" for social security taxes.
|
|
|
| Medicare - Refer to the Circular E section "Tax rates and the social security wage base limit."
|
| Employer's: Enter the rate for the employer's portion of Medicare. If the tax is 1.45% then this would be 0.0145.
|
|
|
| Employee's: Enter the rate for the employer's portion of Medicare. If the tax is 1.45% then this would be 0.0145.
|
|
|
| Limit: Enter the "wage base limit" for Medicare.
|
|
|
| Federal Unemployment Taxes - FUTA- Refer to the Circular E section "Computing FUTA Tax."
|
| Employer's: Enter the rate for the employer's portion of FUTA tax. If the tax is 6.2% then this would be 0.062.
|
|
|
| Limit: Enter the "wage base limit" for the FUTA tax
|
|
|
| Credit: Enter the credit allowed for amounts you paid into state unemployment. If the credit is 5.4% then this would be 0.054.
|
|
|
|
|
| Vendor Code: Enter the vendor code for the Internal Revenue Service. This is used when paying the federal taxes.
|
The printing options will print the following report:
