2nd January 2024 Tax Update Bulletin

This bulletin describes the changes included in the 2nd January 2024 Sage 50 Payroll Solutions Update for Sage 50 Accounting, Releases 2023 and 2024.

Federal Tax Changes

 

Federal Income Tax Withholding 
The 2024 withholding tax tables changed. Please note, the new filing statuses introduced as a result of the revised W-4 Form for 2020 and the prior statuses exist for those employees using 2019 and prior revision of the form.  For more information, please see:
Payroll tax year 2020 W-4s

 

State and Local Tax Changes

 

Alabama State Income Tax
Overtime exemption.

Georgia State Income Tax
Withholding Table and Allowance updates.

Iowa State Income Tax
Withholding Table and Allowance updates.

Illinois State Income Tax
Standard allowance update.
Click this link for setup instructions

Indiana State Income Tax
Withholding Rate changes.

Massachusetts State Income Tax
Wage base and contribution rate changes.
Click this link for setup instructions

Maryland State Income Tax
Withholding Table & Standard deduction changes.

Mississippi State Income Tax
Withholding Rate and Personal Exemption Changes.

North Carolina State Income Tax
Withholding Rate changes.

North Dakota State Income Tax
Withholding Table changes.

Rhode Island Temporary Disability Insurance
Wage base and contribution rate changes.

Vermont State Income Tax
Withholding Table changes.

Sage HR Integration Updates for Sage 50 U.S. Release 2024.0.1

Sage HR Integration and Sync Updates
Several fixes to issues and enhancements to functionality were delivered in this update.
Click this link for more information

 

2024 State Unemployment Wage Limits

 

The following state unemployment wage limits apply for 2024. For details on how to apply the limits for your state, please review the following articles in the Year-End Center. 
How to automatically update your user-maintained payroll taxes and benefits for the new year using the Update Wizard

 

State	Employee Annual Wage Limit	State	Employee Annual Wage Limit
Alaska	49,700	New Jersey	42,300
Colorado	23,800	New York	12,500
Connecticut	25,000	Nevada	40,600
Hawaii	59,100	Oregon	52,800
Idaho	53,500	Rhode Island	29,200
Illinois	13,590	Utah	47,000
Iowa	38,200	Vermont	14,300
Kentucky	11,400	Virgin Islands	31,000
Missouri	10,000	Washington	68,500
Minnesota	42,000	Wyoming	30,900
Montana	43,000

 

Bold and Red indicates the Wage Base Limit changed in the 2^nd January 2024 update.

 

 

Tax Forms 
 

Payroll Tax Forms: The payroll tax forms were updated within the Payroll Tax Form Selector window on or after December 20, 2023. To receive an update, select a Federal or State form and click on Next.  If there is an update, the next window to appear will have an option to automatically update your forms.  It is strongly recommended that you take all forms updates.

NOTE: The payroll forms update also updates the forms lists that appear in the Payroll Tax Form Selector window.  If you are trying to run a year-end 2023 form such as W-2’s, 940/943/945 but only see the 2022 forms listed then:

• Select the 2022 form that you want and click on OK. 
• If you have a current Sage 50 subscription, the next window will prompt you to update your forms.
• After taking the forms update, you will see the 2023 year-end forms listed in the Payroll Tax Form Selector window.

 

Special Note: The forms provided by Sage 50 are approved by the taxing authorities.  A few states have not yet approved their forms.  Any form, that can be printed and mailed, and is awaiting approval, will print with the banner “Record Copy Do Not File”.  We will be removing the “Record Copy” as the taxing agencies approve the forms.  There will be periodic online updates for these forms via the Automatic Update feature in Payroll Tax form. 

Making Sure That Your Tax Update is Applied

 

The version for this tax update is 20240102 for releases 2023 and 2024. Follow these steps to make sure that your tax update was applied:

  

For Release 2023 and 2024:

Open your Sage 50 company.

Select Help > About Sage 50 Accounting.

Confirm that the Installed Tax Update version number matches the version number listed above.

 

Getting Help and Customer Support 

Help within your Sage 50 application is a great source of information.  Help can be accessed from a Sage 50 window by clicking on the Help button in the toolbar or pressing F1 key while on a field.

 

In addition to Help, you can access Support or the Sage 50 Accounting User Community by going to https://communityhub.sage.com/us/sage50_us.

 

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