This year, all payroll department staffers get to play Belated Santa as they deliver paychecks including a Congressionally mandated reduction in the OASDI portion of Social Security taxes from 6.2% to 4.2%. Don’t go overboard and promise any Medicare tax relief…that rate remains at 1.45%. And the good cheer won’t extend to the company’s bottom line…the one year rate reduction applies only to the employee side of the tax equation. Employers still owe the full 6.2%. That being said, Sage Software just released the 2011 tax table for Sage Accpac ERP…just in the St. Nick of time for payroll processing in the new year! Give us a call if we can assist you or answer any questions for you about it.
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