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I'm printing W-2 (GP 2010) and the Medicare Wages, box 5 is capping out at $200K and MC withheld, box 6 at $2,900. My year end wage report shows it correctly. How do I correct this?
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Hi Tracey,
I had this exact thing happen in 2012. I had many clients believe they had created their year-end wage file (closing payroll) before the next year's tax tables were installed, but as it turned out, the new tax tables were installed as part of their normal maintenance. The new tax tables will download no matter whether you've closed payroll or not (there's some bad grammar there somewhere!).
If your W-2s are correct in the edit, yet do not print correctly, I would encourage you to change the tables back to the 2013 amounts and recreate the year-end wage file. This has, to date, always fixed this problem.
Be sure to change them back to the 2014 amounts.
Make a backup first and please check back and let us know if you are still having problems (or not :).
Kind regards,
Leslie
Hi Leslie,
I'm having the same issue as 'BAMA' above. My client did create the year-end file before applying 2014 tax tables. The Medicare over $200k was in effect in 2013 so this shouldn't affect that field. My client did not apply the 2013 year-end update. The amounts are correct in the 'edit W2' card, but incorrect when the W2s are printed.
Thank you for any help with this.
Tracey D
That second link isn't good. Here's the right one:
dynamicsconfessions.blogspot.com/.../process-2012-payroll-yearend-after.html
Take a look at your tax tables. Also, it sounds like you may have loaded the 2014 tax tables before creating your year-end wage report, tsk, tsk, tsk. Your medicare table should look like this for 2014.
There was a problem initially with the 2014 tax tables where it didn't have an 'end' date on the second line (the 'But not Over' column).
If you change your tax tables back to the 2013 numbers and THEN run your year-end wage file, you should be OK. Don't forget to change it back.
I've got a blog post with the rates here: http://dynamicsconfessions.blogspot.com/2014/01/form-w-2-common-errors-codes-for.html
I've got another one that explains how the year-end wage file works and why the old tax tables should be there when you create it. :https://www.blogger.com/blogger.g?blogID=2902800390575811159#editor/target=post;postID=8794536711149240509;onPublishedMenu=allposts;onClosedMenu=allposts;postNum=0;src=postname
Kind regards,
Leslie
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