(KISS Dos Users - See notice below)
If you have not done so since the above date, you should Download/Update your Greux programs. Then for every company that has a Payroll, get to the P/R Configuration/Tax tables window (shown below). Select US and click on the "Update selected tax table" button.
If you need tables for your State, then select your state and click "Update...". If your state is not there, contact KISS Development.
This is all you need to do to get the latest tables.
These Tax Table Masters are always available with the Payroll module.
The following is furnished for reference only for GREUX users. You may use the Tax Tables listed below to verify that you have updated your tables.
Reference: Pre-Circular E as of January 2008
The following are the new withholding tables effective January 2008. If you have run one or more payrolls using the old tables, that's OK. The changes from 2007 are that the W/H allowance per exemption has increased from 3400 to 3500 and the Social Security wage limit has changed from 97,500 tp 102,000. Also there was a change of the wage brackets, resulting in lower taxes for a very few people who are at the extreme lower limits of each old bracket.
Lines below in Red = Changed lines for 2008
TAX TABLE: ZZ - FICA & Federal W/H Allowance
1. Federal W/H Allowance per dependent (Annual) 3500
2. Soc Sec Annual Wage Limit ................... 102000
3. EmployEE's Soc Sec Withholding Rate ......... 0.06200
4. EmployER's Soc Sec Rate ..................... 0.06200
5. Medicare Annual Wage Limit .................. 9999999
6. EmployEE's Medicare Withholding Rate ........ 0.01450
7. EmployER's Medicare Rate .................... 0.01450
CLASSIFICATION: US - HEAD OF HOUSEHOLD - Same as SINGLE table below
(Separate table not needed - H will use Single)
CLASSIFICATION: US - MARRIED
SEQ. GROSS WAGE DOLLARS
NO. LIMIT OF TAX RATE
01 8,000.00 0.00 0.00000
02 23,550.00 0.00 0.10000 01/01/08
03 72,150.00 1,555.00 0.15000 01/01/08
04 137,850.00 8,845.00 0.25000 01/01/08
05 207,700.00 25,270.00 0.28000 01/01/08
06 365,100.00 44,828.00 0.33000 01/01/08
07 99,999,999.99 96,770.00 0.35000 01/01/08
CLASSIFICATION: US - SINGLE
SEQ. GROSS WAGE DOLLARS
NO. LIMIT OF TAX RATE
01 2,650.00 0.00 0.00000
02 10,300.00 0.00 0.10000 01/01/08
03 33,960.00 765.00 0.15000 01/01/08
04 79,725.00 4,314.00 0.25000 01/01/08
05 166,500.00 15,755.25 0.28000 01/01/08
06 359,650.00 40,052.25 0.33000 01/01/08
07 99,999,999.99 103,791.75 0.35000 01/01/08
CLASSIFICATION: US - Married - Filing Separately
No separate table defined for 2008
Suggest treating as Single.
If the tax rates for your state have changed, let us know. We do not monitor all state withholdings rates. That is your responsibility as an employer. However if yours did change and we don't have the new rate, we will ask you to send us a copy of the state's computer formula (annualized). We will update the calculations and include in the master tables used above.
Contact KISS Development for info on downloading the P/R tax tables. There will be a minimum $50 charge for assistance with updating these tables.
For Greux users this service is free.