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I have client that performed year-end, ran W2's, installed 2013 tax table and then ran payroll for 2013. They did not install the 2012 year-end update. Can the year-end update be installed now, updating tables and will this create any problems? Things to look for. I believe this should be installed because of table changes for Medicare.
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Adam, thank you.
Hi, I think you will be ok if you run the most recent update and apply the most recent tax tables. I have had a client that did it this way and their medicare is calculating correctly and they have tested for a 200+ earning situation as well.
If you follow the steps above to verify your tax table rates and they look correct on screen it should be correct.
Thank you. I am wanting to know if the year-end update can or should be run. This update was supposed to be run before creating the year-end file and updating the tax tables to 2013 and also before a 2013 payroll check run. If I install update now and update the company tables do you know if this will effect anything or will it just add the new medicare column in table and will be good to go?
Hi Viv,
Based on my understanding of your situation you should:
Download the latest SP update for for GP which will get you current with the latest version.
Since you have already run a tax table update you should then check to see if your tax rates are correct for 2013 especially the new social security rate and yes the new "High Earner" tier for medicare.
You can check the tax rates that you are using by following these steps. You should see two tiers for the FICA Medicare. One from $0 - $200,000 and one for $200,000 - $999,999,999. The first tier should be at 1.45% and the second at 2.35%.
Dynamics GP >> Tools >> Setup >> System >> Payroll Tax
Enter the system password
In the Payroll Tax Setup window, look up the code you want to review. In the case of the FICA Medicare this is “FICAM”
After the code is selected, click the Filing Status button in the lower right
Click one of the black left/right arrows to select the filing status. (In the case of FICA there is only one “NA” to select)
Click the Tables button in the lower right to view the rates currently being used for that particular code.
Hope this helps!
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