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2008 Federal Tax changes for Wage Withholding and EIC 2007/12/28
(Posted by: Lisa Sick 12/28/2007)
- After you have completed the Payroll End of Year Checklist of tasks (see FAQ/Payroll), including Payroll EOY menu option, then you can change the
- Federal and State tax tables to begin your 2008 payrolls.
- State Tax Table changes are specific to your area, get those from your State. We will post any that we receive.
Federal Tax Table changes are below.
- Go to 3. Payroll 2. File Setup 8. Federal Tax Information
- Type C for Change, FD for Federal.
- On the first screen, only 3 fields need changing:
- Employee FICA Limit - change from 97,500 to $102,000.00
- Employer FICA Limit - change from 97,500 to $102,000.00
- Exemption Amount - change from 3,400.00 to $3,500.00
- Press Enter to the next screen.
- Change the 2008 Withholding Federal Tax Table for Singles to the following:
- Go to the Circular E on the IRS.GOV website to verify these are accurate.
- Press Enter to continue to the next screen.
- Change the 2008 Withholding Federal Tax Table for Married to the following:
- Go to the Circular E on the IRS.GOV website to verify these are accurate.
- Press Enter to continue to the next screen.
- Change the 2008 EIC Earned Income Credit Table to the following:
- Go to the Circular E on the IRS.GOV website to verify these are accurate.
- Press Enter to complete the task and update the file.
You have completed updating the Federal Tax Tables.
You may now run payrolls for 2008.
For additional help, please contact Support by calling (877)282-6353 or via email at support@agvantage.com.
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