2011 is a Tax Holiday!
by TedHere at PayMaster, we are celebrating early with the release of the year end update and tax tables.
For all of 2011, employees will only have to pay 4.2% for OASDI where employers will still have to match the full 6.2%. This has caused changes to the federal tax deposit report, GL report, 941 worksheet. The 941 form will be updated as well before the end of the first quarter.
Also included in the latest update are the new federal tax tables that extend the ‘Bush tax cuts’ but remove the ‘Making Work Pay’ credit. Employees will see a slight increase in federal withholding but the 2% credit should increase their net pay a bit. Tipped employees should have fewer unpaid FICA taxes as well.
Grab the update now or call support for assistance.
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