The December 19, 2012, programs release contains a new feature that simplifies the annual process for updating tax tables and tax deduction descriptions for tax table names, compute percentages, exemption amounts, standard deduction amounts, wage base/gross limits, and withholding limits. A Copy Standard Setup button is accessed from the Compute tab (to the left of the Compute Type). The button works with deduction types of FEDERAL, FICA, FICA-M, MEDICARE, MEDICARE-M, STATE, and INS>50K (the imputed income deduction for life insurance over $50,000). The Medicare deduction will be updated with custom configuration to address the higher rate once year-to-date paid salary exceeds $200,000. When using the feature, the database is immediately updated once the select button is engaged. However, you will not see the change on the deduction description maintain screen unless you refresh the screen (which can be done by canceling the screen and then accessing it again; or by refreshing it by clicking into the deduction description identification field and hitting the enter key from your keyboard). This feature should not be used until the last payroll of 2012 has been completed/finalized.
COPY STANDARD SETUP FOR TAXES
Product Date: Thursday, December 20, 2012