How Do I Update my 2015 Federal Tax Tables?
If you subscribe to the FreightWare Payroll system you will need to update and maintain your tax tables annually or when there are changes to the schedule. Following are instructions on how to update your 2015 Federal Tax tables as well as updates to wage limits for Social Security.
State and Local Payroll Tax updates are the responsibility of each individual employer. If you need assistance in updating these please call support at (360) 896-6699 X 101
Select Main Menu > Accounting > Payroll System to launch the payroll system
Select the Taxes tab and then Employee Taxes
Select Federal Income Tax : Married from the drop down list in the upper left corner
Adjust the exemption amount - The Exemption Amount for 2015 is $4000.00
Select the Tax Table Tab
Adjust theFrom / To and Tax Rate percentages as illustrated for Married persons in 2015.
Select Federal Income Tax : Single from the drop down list in the upper left corner.
Adjust theFrom / To and Tax Rate percentages as illustrated for Single persons in 2015.
There are no changes to the Social Security and Medicare rates, however there is an increase in the Social Security wage limit. Adjust the To wage limit to $ 118500.00 as illustrated for 2015.
Select Done when finished to save your changes.