Sage 300 Payroll Tax Table Updates

With the New Year comes new tax laws and new updates to the Sage 300 payroll tax table. This year’s changes include increased social security wages and more. If you are an employer who is using the Sage 300 tax table, be sure to check it for updates and make any necessary changes. If you have any questions about these changes or how they might Affect your business, don’t hesitate to contact one of our experts. We are here to help guide you through these changes and make sure your business is compliant with all the latest tax laws.

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What is the Sage 300 Payroll Tax Table?

The Sage 300 Payroll Tax Table updates for the 2018 tax year are now available. This table includes information on federal, state and local taxes that may be withheld from your employee's salary. The table also includes information on Social Security and Medicare payroll taxes.

Your employer must withhold each of the following taxes from your employee's salary:

• Federal income tax (FIT)
• Social Security tax (FICA)
• Medicare tax (FMD)

Each of these taxes has unique rates and will be calculated based on your employee's wages and other taxable income. The amounts withheld will depend on the amount of taxable income your employee earns. In addition to withholding taxes, some employers may also contribute to retirement plans such as 401(k)s or IRAs.

How Does the Sage 300 Payroll Tax Table Impact You and Your Business?

The Sage 300 payroll tax table impacts you and your business in a few key ways.

• First, the table includes all the taxes that will apply to your employees in 2019. This includes federal, state, and local taxes. Secondly, the table shows how much of each employee's salary will be taxed at each rate. Finally, it lists which deductions and credits can help reduce an employee's tax burden.
• To use the table, first find the taxable wage for each employee in your company. This is the amount of pay that will be subject to federal, state, and local taxes. The taxable wage is listed in the first column of the table.

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• Next, find which rate applies to that wage. The rates are listed in columns 2 through 4 of the table. For example, if a worker's taxable wage is $50,000 per year and his state income tax rate is 5%, then his taxable wages would appear as follows: 50K(5%) .
• Finally, note which deductions and credits can reduce an employee's tax burden. These are listed in columns 5 through 8 of the table. For example, if an employee's taxable wage is $50,000 per year and he has three dependents who are also working for your company, then his taxable wages would include $13,500 ($50k + $13k + $6k). His net Federal income would then be $46k ($50k - $13k - $6

What Is Included in the Sage 300 Payroll Tax Table?

The Sage 300 payroll tax table includes Social Security and Medicare taxes, as well as Federal unemployment insurance contributions and FICA taxes. The table also includes information on state and local taxes. For example, California has a maximum personal income tax rate of 13.3%. Additionally, California imposes an additional 3% state sales tax. Therefore, employees working in California would pay a total of 16.7% in payroll taxes.

Are There Any Changes to the Sage 300 Payroll Tax Table that I Need to Be Aware of?

Yes, there are changes to the Sage 300 payroll tax table that you need to be aware of. The biggest change is that the taxable wages column has been updated to reflect 2018 taxes. Additionally, the social security and Medicare tax rates have both increased by 2%. Lastly, the federal income tax withholding tables have also been updated to reflect new withholding rates that went into effect in January 2019.

Conclusion

As payroll tax season nears, employers should review their Sage 300 payables and withholdings to ensure all required withholdings have been made. In addition, some updates to the Sage 300 Payroll Tax Table were released on April 17th which should be taken into account when preparing payroll taxes.

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