2015 PAYROLL TAX UPDATES

2015 PAYROLL TAX UPDATES

OpenRDA 3.0/Xpert programs have been released (12/15/2014 Release date and 12/16/2015 Compile date), and include resources in the Payroll module for updating tax tables, exemption amounts, allowances, etc. for federal, FICA and several states. Click this link to access both the federal and state tax documentation as well as the unemployment wage bases. Please note that downloading and installing the programs does not automatically update the Deduction Descriptions or tables; it only provides the resources. See below for the highlights.
Click the title of this article to read more….

Tax tables along with the exemption amount (from $3,950 to $4,000) change for the Federal tax deduction.

Wage Base (threshold) for FICA/FICA-M in 2015 increases to $118,500 (maximum of $7,347). No change in the rate (it remains at 6.2% for employee and employer). No change for Medicare/Medicare-M.

Tax tables along with the Allowance ($7,350 for Single, and $7,850 for Married filing statuses) change for the State of New York. The Exemption Amount remains at $1,000.

Tax tables are replaced by a flat rate of 5.75 percent of adjusted gross for the State of North Carolina. This is a reduction from the 5.8% from 2014.

Unemployment wage base increases for several states in 2015 (Massachusetts – to $15,000, New York – to $10,500, North Carolina – to $21,700, North Dakota – $35,600 and Pennsylvania – to $9,000).

For those of you who may have to complete a payroll before these programs are installed, please note that it is not mandatory that the new tax tables, etc. be in place for that payroll. The requirement is that they must be installed/used as soon as feasible.

Leave a Comment

Other Posts

Year End Balancing

              It’s hard to believe, but now is the time to start reviewing your payroll reports and setups to...

Read More...