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Below are the Federal figures needed in the Tax Table Maintenance program (Task 23 in the Payroll module). The ‘codes’ indicate its purpose, for example: USWKLY means Weekly Single rates for Federal Withholding. US- United States; WK – Weekly; SL – Single. Please see the document titled: 2012 Tax Tables and FICA Limits for additional information, especially regarding FICA limits, printing W2 forms and first payroll for a new year.
These rates are based on the http://www.irs.gov/ website “Publication 15 (Circular E), Employer’s Tax Guide for use in 2014”.
Social security and Medicare tax for 2014. The social security tax rate is 6.2% each for the employee and em-ployer, unchanged from 2013. The social security wage base limit is $117,000.
The Medicare tax rate is 1.45% each for the employee and employer, unchanged from 2013. There is no wage base limit for Medicare tax.
Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. Social security and Medicare taxes apply to election workers who are paid $1,600 or more in cash or an equivalent form of compensation.
Withholding allowance. The 2014 amount for one with-holding allowance on an annual basis is $3,950.
Reminders
Additional Medicare Tax withholding. In addition to withholding Medicare tax at 1.45%, you must withhold a 0.9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Additional Medicare Tax is only imposed on the employee. There is no employer share of Additional Medicare Tax. All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold.
For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15. For more information on Additional Medicare Tax, visit IRS.gov and enter “Additional Medicare Tax” in the search box.
2014 FUTA:
For 2014, the FUTA tax rate is 6.0%. The tax applies to the first $7,000 you pay to each
employee as wages during the year. The $7,000 is the federal wage base. Your state wage base may be different.
To verify you may contact the IRS, Telephone assistance for Businesses: Toll-Free, 1-800-829-4933
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To update the Federal tax tables go to Payroll (Module 1)
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Tax table Maintenance (Task 23)
- Change existing tax record (Sub-task 2)
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Tax table Maintenance (Task 23)
USWKSL Exempt $ 76.00
WEEKLY, SINGLE
BREAK TAX RATE
Field 9 7865.00 2271.36 39.6
Field 10 7834.00 2260.51 35
Field 11 3627.00 872.20 33
Field 12 1762.00 350.00 28
Field 13 753.00 97.75 25
Field 14 218.00 17.50 15
Field 15 43.00 00.00 10
Fields 16 – 20, all zeroes
USWKMR Exempt $ 76.00
WEEKLY, MARRIED
BREAK TAX RATE
Field 9 8963.00 2460.89 39.6
Field 10 7953.00 2107.39 35
Field 11 4525.00 976.15 33
Field 12 3025.00 556.15 28
Field 13 1582.00 195.40 25
Field 14 512.00 34.90 15
Field 15 163.00 00.00 10
Fields 16 –20, all zeroes
USBISL Exempt $ 151.90
BIWEEKLY, SINGLE BREAK TAX RATE
Field 9 15731.00 4543.02 39.6
Field 10 15667.00 4520.62 35
Field 11 7254.00 1744.33 33
Field 12 3523.00 699.65 28
Field 13 1506.00 195.40 25
Field 14 436.00 34.90 15
Field 15 87.00 00.00 10
Fields 16 – 20, all zeroes
USBIMR Exempt $ 151.90
BIWEEKLY, MARRIED BREAK TAX RATE
Field 9 17925.00 4921.68 39.6
Field 10 15906.00 4215.03 35
Field 11 9050.00 1952.55 33
Field 12 6050.00 1112.55 28
Field 13 3163.00 390.80 25
Field 14 1023.00 69.80 15
Field 15 325.00 00.00 10
Field 16 – 20, all zeroes
USSMSL Exempt $ 164.60
SEMIMONTHLY, SINGLE
BREAK TAX RATE
Field 9 17042.00 4921.73 39.6
Field 10 16973.00 4897.58 35
Field 11 7858.00 1889.63 33
Field 12 3817.00 758.15 28
Field 13 1631.00 211.65 25
Field 14 472.00 37.80 15
Field 15 94.00 00.00 10
Fields 16 – 20, all zeroes
USSMMR Exempt $ 164.60
SEMIMONTHLY, MARRIED BREAK TAX RATE
Field 9 19419.00 5331.91 39.6
Field 10 17231.00 4566.11 35
Field 11 9804.00 2115.20 33
Field 12 6554.00 1205.20 28
Field 13 3427.00 423.45 25
Field 14 1108.00 75.60 15
Field 15 352.00 00.00 10
Fields 16 –20, all zeroes
USMOSL Exempt $ 329.20
MONTHLY, SINGLE BREAK TAX RATE
Field 9 34083.00 9842.99 39.6
Field 10 33946.00 9795.04 35
Field 11 15717.00 3779.47 33
Field 12 7633.00 1515.95 28
Field 13 3263.00 423.45 25
Field 14 944.00 75.60 15
Field 15 188.00 00.00 10
Fields 16 – 20, all zeroes
USMOMR Exempt $ 329.20
MONTLY, MARRIED BREAK TAX RATE
Field 9 38838.00 10663.75 39.6
Field 10 34463.00 9132.50 35
Field 11 19608.00 4230.35 33
Field 12 13108.00 2410.35 28
Field 13 6854.00 846.85 25
Field 14 2217.00 151.30 15
Field 15 704.00 00.00 10
Fields 16 – 20, all zeroes