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business in Business Channel,
Written by: DONNA ZIGENIS on Jan 25 2012, 9:33pm

Bookkeeper Tax Tables/social security and medicare computations

On Federal Payroll Tax Summary, the employer's share of Social Security and Medicare is not calculating correctly.  Should be 6.2% and 1.45% respectively.

On 941 Employer's Quarterly Federal Tax Return-line 5a divisor should be .104 NOT .124

Is there a fix coming?

 

14 Citizens Answers

Jason Aguiar says:

Hello Donna,

 

What version of the tax tables do you have installed? What version of Bookkeeper do you have installed?

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Jan 26 2012, 10:28am | Report

DONNA ZIGENIS says:

Hi Jason:  Tax Tables Version 2012.03

Bookkeeper Version 10.0.0.6

 

I downloaded the 2012 tax tables on 1/18/12.

 

Thanks -  Donna

 

 

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Jan 26 2012, 4:42pm | Report

Tami Chapman says:

I too have the exact same versions of each and also noted the calculations were wrong (I have done payroll by hand for the last 20+ years).  I called the support center only to be routed to technical support.  The gentleman I spoke with was not aware of this problem but was aware of the problems with the 940 and 941 (which they are currently working on).  On a side note the current social security tax is 4.2% but this may be increased back up to 6.2% if they pass the bill which we should hear about sometime towards the end of February.

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Jan 27 2012, 4:51pm | Report

DONNA ZIGENIS says:

Tami - Thanks so much for your input.  I too have done payrolls for many years and greatly appreciate Bookkeeper.  Yes, I was wondering about whether or not after the 2 months, they would go back to the matching of the taxes.   In the meantime, the manual calculations will have to suffice.  I assume the fix will be soon.

Thanks again-Donna

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Jan 27 2012, 5:35pm | Report

Tami Chapman says:

Hi Donna,

Yes, from now on per my accountant's suggestion (until I receive an update) I will be calculating the Medicare and SS tax and override it as I hate having to pay additional tax to the Fed. Gov't at the end of the quarter (they get enough of my money each year!).  Thanks for your post!

Tami

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Jan 27 2012, 10:11pm | Report

Tami Chapman says:

I ran the payroll today and the calculations are still off.  Has anyone heard of a fix coming anytime soon?

 

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Feb 10 2012, 4:31pm | Report

DONNA ZIGENIS says:

I, too, have run a few payrolls and still find the discrepancy.  I am just doing the calculations manually until the fix comes in.

Donna

 

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Feb 10 2012, 5:16pm | Report

Jason Aguiar says:

Hello Tami and Donna,

 

Have you ran the updates to the program yet? Go ahead and go up to the "Utilities" menu and then select "Updates" this will get you updated to the latest version of Bookkeeper which should have the right calculations.

 

 

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Feb 13 2012, 10:47am | Report

DONNA ZIGENIS says:

Hi Jason:

Just ran the latest version of Bookkeeper but no luck.   The calculations are still incorrect.

Any other suggestions?

Donna

 

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Feb 13 2012, 12:04pm | Report

Jason Aguiar says:

Hello Donna,

 

I am working with the developers  on this issue. I will have more info for you in the next day or 2.

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Feb 15 2012, 2:57pm | Report

DONNA ZIGENIS says:

Hello Jason -  Thanks!  Just did my semi-monthly payrolls and happily discover the fix is in.   All is well in Sumner, WA.

Donna

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Feb 16 2012, 6:51pm | Report

DONNA ZIGENIS says:

Hello from  Sumner, WA!   Just started entering my first March '12 payroll and find it is calculating employees social security @ 6.2%.

Did the 4.2% get changed back?   Would appreciate some input.

 

Thanks - Donna from Sumner, WA

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Mar 3 2012, 6:36pm | Report

Jason Aguiar says:

Hello Donna,

 

There was a tax table update at the end of February that corrected the payroll tax cut. Go ahead and call into our phone support so one of my phone reps can make sure you get the correct updated tax table.

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Mar 5 2012, 10:10am | Report

DONNA ZIGENIS says:

Thanks Jason - I appreciate the quick response.

Donna

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Mar 5 2012, 4:30pm | Report

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