In version 9.1 the payroll module stores one set of tax tables at a time. Since most payroll reports are based on what actually happened (what you withheld, etc.) there is no effect when running a report for the prior year. However, there are two reports that re-calculate figures at the time they are run, the
Tax Deposit Information and
Form 941 Information.
Example:
You have downloaded 2011 tax formulas with the new 4.2% rate for the employee's share of Social Security. Now you run a tax deposit or 941 report for 2010 (when the rate was 6.2%), but the report does the calculation based on the currently installed rate of 4.2%.
Solution:
Temporarily change the rate to 6.2% for the purpose of running the report. When you are finished, change it back.
- From the main screen of Employee Data & Payroll go to Functions > Program Configuration.
- Click the Federal Withholdings button (lower left).
- Change the Employee's Share of Social Security to 6.20.
tags: faq902