News Flash – QuickBooks Payroll Update Revised Tax Tables |

Intuit QuickBooks Payroll
Payroll Update: Revised Tax TablesIntuit has released Payroll Update 21202, which includes revised tax tables and forms updates and reflects the Temporary Payroll Tax Cut Continuation Act of 2011 signed by President Obama on December 23, 2011. To see the complete contents of this update, click here.How do I get the Payroll Update?
It’s important that you receive everything in the Payroll Updateto make sure that you are in compliance with legislation that affects your payroll. Just follow these three simple steps:

Check to see if you have Automatic Updates turned on.
– Choose Help > Update QuickBooks.
– On the Options tab, you will see either Yes or No selected for Automatic Update.
If Yes is selected, you should receive all Payroll Updates automaticallywhen they are released the next time you are connected to the internet.You can verify that you received Payroll Update 21202 from within QuickBooks. Go to Employees > Get Payroll Updates. You should see a message that says, “You are using tax table version 21202.”
If No is selected for Automatic Update, you need to download the update manually. Click here for instructions.

Disk delivery customers: The next disk delivery is scheduled for late January 2012 and will include these updates. If you have an internet connection and would like to download the update now, simply follow these instructions.

Social Security Tax Rate Extension for Employees
On December 23, 2011, President Obama signed into law the Temporary Payroll Tax Cut Continuation Act of 2011 (H.R. 3765). The Act includes a two-month extension of the reduced employee Social Security tax rate, maintaining the employee rate at 4.2% through February 29, 2012.Intuit QuickBooks Payroll is supporting this change in Payroll Update 21202. For more information, click here.Important E-File Scheduling Information
E-filing through QuickBooks for Forms 940, 941, and 944 will be available beginning on January 4, 2012. The Social Security Administration is now accepting 2011 W-2s. However, due to high seasonal volume, the SSA may take 6 weeks or more to process your submission and provide updated status information. Do not resend your forms unless the SSA asks you to do so.Intuit QuickBooks Payroll Year End Center
Prepare for the upcoming tax season by visiting the Intuit QuickBooks Payroll Year End Center. You’ll find the resources you need to help you plan, including a year-end checklist, agency news and guidelines, and a How Do I section with answers to your common end-of-year questions.

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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman, CMA, CFE, CFM, MBA

Ruth is the president of The QB Specialists, an Intuit Premier Reseller that offers huge savings and expert advice on QuickBooks POS and QuickBooks Enterprise. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks POS and QuickBooks Enterprise and has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

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