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Su Brown and Associates, PLLC Certified Public Accountants 77 Southway, Suite B, P.O. Box 1454, Lewiston, Idaho 83501
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Telephone 208-743-7790 Fax 208-743-7363
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QuickBooks Tip Updating Payroll Tax Tables
Thanks to the "Jobs and Growth Tax Relief Reconciliation Act of 2003" the federal withholding tax rates are lower. As of July 1, everyone should be using these new rates. |
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QuickBooks has updated their tax tables so you just have to download them. Go to Employees, Get Payroll Updates (for version 2003, Get Updates and then Get Payroll Updates). Your tax table version should be 20305. If it is not, press Update to download this version. |
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You may also want to include a notice to your employees letting them know of this change. The IRS has included the following notice in Publication 15-T. |
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Notice to Employees
Changes in Income Tax Withholding
New withholding tables may reduce the amount of income tax withheld form you wages. The reductions in tax withholding are due to the reduction in the current 27% and higher tax brackets and widening of the 10% tax bracket.
The new tables, prescribed by the Department of the Treasury, reflect a change resulting from the Jobs and Growth Tax Relief Reconciliation Act of 2003.
If you do not want to have your withholding reduced, you may want to file a new Form W-4, Employee's Withholding Allowance Certificate, with your employer. You may claim fewer withholding allowances on line 5 or request additional amounts to be withheld on line 6. For additional help, get IRS Publication 919, How Do I Adjust My Tax Withholding? or visit the IRS website at www.irs.gov and use the "Withholding Calculator."
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