2018 tax rate for Jan 2018 Payroll

by admin 26. December 2017 18:05

 

IRS statement on Dec. 26, 2018

 

"The IRS is working to develop withholding guidance to implement the tax reform bill signed into law on December 22.  We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the changes in February. The IRS emphasizes this information will be designed to work with the existing Forms W-4 that employees have already filed, and no further action by taxpayers is needed at this time. 
 
Use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.  In the meantime, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems".

 

Source: https://www.irs.gov/newsroom/irs-statement-withholding-for-2018

According to this IRS statement, employers can continue to use the current 2017 federal tax rate for 2018 paychecks right now. However, many states released the new 2018 state tax tables. Employers need to use the new 2018 state tax tables for 2018 paychecks.

ezPaycheck payroll software clients and ezAccounting software clients can update software to use the latest 2018 state tax tables for 2018 payroll. 

 

How to update ezPaycheck payroll software

How to update ezAccounting software

 

small business payroll software

purchase payroll software now free download payroll accounting software

 

How to Calculate 2017 Federal Income Withhold Manually

by admin 3. January 2017 16:23

EzPaycheck 2017 payroll software speeds up and simplifies payroll tax calculation, paycheck printing and tax reporting for small businesses. However if you like to calculate the taxes manually, you can find the step by step guide below

 

Karen is married, with 1 allowance. Her salary rate is $39000. She gets one pay check each month.

1. Her gross income for each paycheck is $3250

39000/12=$3250

2. Her standard deduction for each paycheck is $337.5

Year 2017 Standard Deduction is $4050

For each paycheck: 4050/12=$337.5

3. Her taxable income for each paycheck is:

3250-337.5=$2912.5

 

4. Federal tax

Check Monthly tax table for married person

http://www.halfpricesoft.com/federal_income_tax_2017.asp

155.40 + 15% x (2912.5-2275.00)=$251.02

 

Table 4 -- Monthly Payroll Period

(a) SINGLE person (including head of household) --
If the amount of wages(after
subtracting withholding
allowances) is:
  The amount of income tax
to withhold is:
Not over $192.00.......   $0
Over -- But no over --     Of excess over --
$192.00 $969.00  ... 10% $192.00
$969.00 $3,354.00  ... $77.70 plus 15% $969.00
$3,354.00 $7,850.00  ... $435.45 plus 25% $3,354.00
$7,850.00 $16,163.00  ... $1,559.45 plus 28% $7,850.00
$16,163.00 $34,917.00  ... $3,887.09 plus 33% $16,163.00
$34,917.00 $35,058.00  ... $10,075.91 plus 35% $34,917.00
$35,058.00 ...  ... $10,125.26 plus 39.6% $35,058.00


(b) Married person --
If the amount of wages(after
subtracting withholding
allowances) is:
  The amount of income tax
to withhold is:
Not over $721.00.......   $0
Over -- But no over --     Of excess over --
$721.00 $2,275.00  ... 10% $721.00
$2,275.00 $7,046.00  ... $155.40 plus 15% $2,275.00
$7,046.00 $13,479.00  ... $871.05 plus 25% $7,046.00
$13,479.00 $20,167.00  ... $2,479.30 plus 28% $13,479.00
$20,167.00 $35,446.00  ... $4,351.94 plus 33% $20,167.00
$35,446.00 $39,946.00  ... $9,394.01 plus 35% $35,446.00
$39,946.00 ...  ... $10,969.01 plus 39.6% $39,946.00

 

Related Links

How to Calculate Federal Withholding Tax Automatically

http://www.halfpricesoft.com/payroll-software/calculate-federal-withholding-tax.asp

 

How to Generate After the Fact Paychecks and Create the Paystubs

http://www.halfpricesoft.com/payroll-software/after-fact-payroll-checks.asp

 

How to Print W2 Forms on White Paper

http://www.halfpricesoft.com/w2-software/print-w2-forms-blank-paper.asp

 

How to Print 1099 Forms

http://www.halfpricesoft.com/1099-misc-software/howto-file-print-1099-misc-forms.asp

 

Employment Tax Due Dates
http://www.halfpricesoft.com/employment_tax_due_dates.asp

 

 

EzPaycheck payroll software is designed to automate paycheck processes to reduce the time spent on running payroll. The software’s graphic interface leads users step-by-step through setting up employee information, importing data, calculating payroll—including calculation of federal, state and local taxes; deductions for Medicare, insurance and 401(k) plans; and printing paychecks.

 

Priced at just $89 per installation, ezPaycheck’s graphical interface and functions are so intuitive that even users without much computer or accounting experience can start automating payroll processes within minutes of installation. Additionally, customers can try ezPaycheck payroll software without cost or obligation for 30 days.

 small business payroll software

 

purchase payroll software now free download payroll accounting software

 

How To Roll Back To EzPaycheck 2016 Version After Installing 2017 Version

by admin 15. December 2016 15:42

If you have completed 2016 paychecks, you can use ezPaycheck 2017 to print W2 and 940 forms. You do not need to roll back to the previous version.

 

If you have NOT completed 2016 paychecks, you can try the following steps to roll back to ezPaycheck 2015 version.

 

Steps to roll back to ezPaycheck 2016 version:


Step 1: Backup data

 

Your data should be safe during this process. However, we always suggest customers backup data first.

 

If you cannot use ezPaycheck backup function, you can back up the data manually. The default data folder is
C:\Users\Public\Documents\Halfpricesoft\ezPayCheck 

 

You can back up this folder or just the .mdb files (Microsoft Access Database files) inside this folder

 

Step 2:  Uninstall ezPaycheck 2017 

 

Step 3:  Download ezPaycheck 2016 Payroll Software

http://www.halfpricesoft.com/payroll_software_download.asp 

 

After you finish 2016 paychecks, you can download the latest version ezPaycheck payroll software and purchase the new key at

http://www.halfpricesoft.com/index.asp#purchase


ezPaycheck 2017 installation package will update ezPaycheck tax tables. You should run it after you finished the paychecks for Year 2016. With ezPaycheck 2017, you can still access your 2016 paychecks, view reports and print 2016 W2 forms. 

If you still have questions, you can reach us for support at

http://www.halfpricesoft.com/support.asp

 

small business payroll software

purchase payroll software now free download payroll accounting software

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