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RAR 01-18-2016 11:37 AM

Fed income tax calculating incorrectly
Using Peachtree Complete Accounting 2009. I am trying to do payroll for this year( have updated user defined tax tables sucessfully) and it appears that the program is calculating the amount of Fed Income to be taken out on the bonus amount that I entered into payroll last year. I have checked to make sure the there is nothing listed in the bonus section in pay fields but it keeps taking out too much tax on my check only. I can go in an manually change it to the correct amount when I am printing checks, but it just goes back to taking too much out the next time I do a batch of checks. Any idea as to what I might do to correct this?

QSILVER 02-11-2016 11:08 AM

If you put the bonus in and are running a weekly or biweekly pay period, it could be using the bonus amount as if it is your normal wages for the time period. This would change your tax rates as it would assume you make this every pay period. Maybe run the bonus as a yearly, one time pay check in a separate payroll generation.

There is a way to mark the check as a bonus in Enter Exceptions by entering a -1 in the salary/hours field, then select Misc Income to enter bonus amount, then select Bonus Check option and enter a flat rate for your Fed Tax W/holding. Run Calculate payroll and see if that does it for you...

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