What changes do I need to make to payroll calculations at beginning of the new payroll year?
Resolution
The following 5-3-1 Payroll Calculations and tables should be reviewed and manually updated regarding Default Rate (Rate) and Default Max (wage limit) changes at the start of each payroll calendar year:
▼For the U.S. Edition:
- Employee Social Security
- Employer Social Security
- Employee Medicare
- Employer Medicare
- Federal Unemployment Tax
- State Unemployment Insurance
- State Disability Insurance
- Employer and/or Employee Paid Family Leave calculations
- Employer and/or Employee Health Insurance benefit calculations
- Employer and/or Employee 401K, IRA, SEP, and other retirement benefit calculations
- Menu 5-3-2 Workers Compensation tables
- Menu 5-3-4 Paygroups tables
- Menu 5-3-6 Local Payroll Tax tables
▼For the Canadian Edition: - Employer and Employee Canada Pension Plan
- Employer and Employee Quebec Pension Plan (Quebec only)
- Employer and Employee Employment Insurance
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