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Last modified on 9/11/2015 1:21 PM by User.

2012 FICA & FUTA LIMIT & PERCENTAGE RATES

Before running a payroll for a new calendar year (2012), the MTD, QTD and YTD (from 2011) on the employees’ records must be cleared out.  Running the Clear YTD, QTD, MTD Emp/Recurring­ program does this.  Go to:

  • Payroll (Module 1)
    • System Management Functions (Task 32)
      • Clear YTD, QTD, MTD Emp/Recurring (Sub-task 3)
      •  

Clearing these fields will not interfere with the running of W-2s for 2011, since the information for the W-2s come from the Payroll History. Note:  If these fields are not cleared, the current year’s wages (2012) that print on the check stub will also include the wages from the prior year (2011).

 

  • Also note that the FICA Maximum for 2012 has changed:
    • 2011 $106,800.00
    • 2012 $110,100.00   
    • See below the change needed in field 5.  Unless you have an employee who is going to exceed the $110,100.00 before the 2011 W2’s are printed, then this change can be made after your W2’s are printed.
  • The FICA employee tax rate for social security is still 4.2% as it was in 2011.   
  • The FICA employer tax rate for social security stayed the same as 2011 at 6.2%.

 

FICA fields are found in:

  • Payroll (Module 1)
    • System Management Functions (Task 32)
      • Update P/R Execution Parameters (Sub-task 4)
        • Field 5: FICA Maximum: 110,100.00
        • Field 6: FICA employee %:  4.20
        • Field 7: FICA employer %:  6.20

 

ADDITIONAL NOTE:  Field 5: FICA Maximum needs to be the 2011 amount of $106,800.00 when the 2011 W2’s are printed and when the payroll reports are printed for the 2011 4th quarter.

 

 

Verify the 2012 FUTA % & maximum:

  • Payroll (Module 1)
    • System Management Functions (Task 32)
      • Update P/R Execution Parameters (Sub-task 4)
        • Field 20 Fed unemp max: 7000.00
        • Field 21 Fed unemp pct: 0.60

 

 

STATE:

  • If your state has an unemployment maximum and an unemployment % you may need to update field 22 & 23.  Verify with your state website or your accountant.