What Is New for 2014 Payroll Tax Rate

by admin 17. December 2013 04:19

IRS released the new early release copies of the income-tax withholding tables for 2014 on Dec 2013. Click here to see 2014 Percentage Method Tables for Income Tax Withholding. We have released the new 2014 ezPaycheck Payroll Software for the tax changes.

What's New

2014 withholding tables.  This notice includes the 2014 Percentage Method Tables for Income Tax Withholding. 

Withholding Allowance 
For 2014, the annually one withholding allowance increased to $3,950.

Social security tax 
For 2014, the employee and employer tax rate for social security is
6.2%. The social security wage base limit increases to $117,000.

Medicare Tax
The Medicare tax rate is 1.45% each for the employee and employer, unchanged from 2013. There is no wage base limit for Medicare tax.

Additional Medicare Tax Withholding
In addition to withholding Medicare tax at 1.45%, you must withhold a 
0.9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Additional Medicare Tax is only imposed on the employee. There is no employer share of Additional Medicare Tax. All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold.

Percentage Method Tables for Income Tax Withholding
You can view 2014 Federal Tax Table here

http://www.halfpricesoft.com/federal_income_tax_2014.asp

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Relateted Link

Information about 2014 ezPaycheck Software Updates

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

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