How to manually update local taxes for the new year

How to carry out a manual update of local taxes for Sage 50 Accounting.

While Sage 50 provides certain local taxes with the Simple and Select Tax service, you have to update most local taxes manually. If you have any local taxes listed under File, Payroll Tax Tables, User-Maintained, you need to update them manually.

1. Click File, Payroll Formulas, User-Maintained.
2. Select the tax you want to update from the Formula ID drop-down menu. (For example, LOCAL EE).
3. In the Formula ID field, add or change the ID to correspond with the new payroll year. (For example, you can change LOCAL25 EE to LOCAL26 EE.)
4. In the Name field, change the two-digit year to the new payroll year. (For example, change LOCAL EE 25 to LOCAL EE 26.)
5. Modify the formula as needed, such as updating the limit or percentage values.
   • When entering a PERCENT value, use at least two decimal places. For example, if your percentage rate is 3%, then enter PERCENT=3.00. If your percentage rate is 2.7%, then enter PERCENT=2.70
6. Click Save to save the new formula.
7. Click Close to exit the window.