How do I manually update my local taxes for the new year?
While Sage 50 provides certain local taxes with the Simple and Select Tax service, most local taxes have to be updated manually. If you have any local taxes listed under File, Payroll Tax Tables, User-Maintained, you need to update them manually.
- Click File, Payroll Formulas, User-Maintained.
- Select the tax you want to update from the Formula ID dropdown menu. (For example, LOCAL EE).
- In the Formula ID field, add or change the ID to correspond with the new payroll year. (For example, you might change LOCAL15 EE to LOCAL16 EE.)
- In the Name field, change the two-digit year to the new payroll year. (For example, change LOCAL EE 15 to LOCAL EE 16.)
- Make any modifications that are required (if any) for the formula such as updating the limit or percentage values.
When entering a PERCENT value, use at least two decimal places. For example, if your percentage rate is 3%, then enter PERCENT=3.00; if your percentage rate is 2.7%, then enter PERCENT=2.70.
- Click Save to save the new formula.
- Click Close to exit the window.
Source: Sage Community forums.
Disclaimer: Sage Accounting Solution is an independent provider of Sage Related services and is not affiliated with Sage.
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