Please be aware of the following changes that will impact your 2014 payroll processing:
The limits on Benefits for the 401(k), 403(b), 457(b), Roth 401(k), Roth 403(b), Simple, and Simple 401(k) plans have been updated for 2014. However please review your specific company setup for any override limits you may have manually set.
Withholding and Wage Base Tables Have been Updated
The IRS increased the wage base for Social Security to $117,000.00 effective January 1, 2014.
In addition, various states, including New York, have adjusted their unemployment wage bases as well as payroll withholding tables as of January 1, 2014.
All of the above changes will be reflected for payrolls processed with a check date after December 31, 2013.
It is important that you have these update tables on your local system so all pre-processing information is in agreement with actual payroll checks processed by Paypro and to ensure the proper calculations of manual checks.
If you are a P.C. client the tables will automatically update through your normal synchronization process.
Should you have any difficulties loading the tax update or have any questions, please do not hesitate to contact our technical service department.