Get the latest payroll tax table update in QuickBooks Payroll

QuickBooks desktop comes up with countless features, one of which is QuickBooks payroll. QuickBooks desktop payroll offers updates time to time to QB desktop payroll subscribers. Updating the software to the latest release is highly recommended, as every update come up with the most current and accurate rates and calculations for supported state and federal tax tables, payroll tax forms and e-file and pay options. The user should update the tax table every time, the employees are paid.

However, in order to update the tax table, the user is required to have an active payroll subscription. The latest payroll update is 22011, release April 23, 2020. Getting the latest payroll tax table update involves a few simple steps, which we will be discussing later in this post. So, make sure that you stay tuned to this post till the end. Or you can also get in touch with our 24/7 QuickBooks support team via our toll-free number i.e. 1-800-761-1787. Our experts and certified accounting professionals will be happy to help you.

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What do you mean by QuickBooks Payroll Tax Tables?

Well, before you learn the process to download, install, and verify QuickBooks payroll tax tables, you need to first understand, it’s meaning. Payroll tax table, is basically a chart that characteristic different columns, assisting to spot the apt taxes to be suspended from the employee’s paycheck. The point to be noted here is that withholding taxes are generally affected by numerous factors such as, the income sum, marital status of the worker, and also the payment schedule, etc. There are various other facts related to the payroll tax table, which we will be discussing later in this article.

Points to comply before updating QuickBooks payroll tax table

Before you begin with the updating process of QuickBooks payroll tax table, make sure that you comply with the below points:

  • Make sure that you have an active QB payroll subscription
  • Also, ensure to have the updated QuickBooks release version
  • An active internet connection should be present for updating the payroll tax table

What rolls in with Payroll Update 22011 (April 23, 2020)?

  • Tax table update
    • This tax table comes in with a new tax tracking type to track employer liabilities for paid leave credits, as defined in the families first corona-virus response act (FFCRA)
  • Forms Update
    • This payroll update does bring in any forms update
  • E-file and pay update
    • There are no e-file and pay changes in this payroll update

It should be noted that in case you do not have auto-update enabled, then close or reopen QuickBooks after downloading the tax table updates, in order to complete the installation process.

How to check your current payroll update?

In order to check your latest payroll update, make sure to carry out the steps below:

  • The very first step is to navigate to the employee’s tab and then choose the get payroll updates option
Get payroll updates - Screenshot
  • After that check the number next to you are using tax table version
  • In order to spot whether the version is correct or not, see the latest payroll news and updates
  • The user can also select the payroll update info, to find more details on the tax table version

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Downloading the latest tax table in QuickBooks desktop

In order to download the latest tax table in QuickBooks desktop, the user can carry out the below steps:

  • To begin with, the user needs to visit the employees menu
  • And then select the get payroll updates
Payroll tax table updates-screenshot
  • After that, choose the download entire update checkbox
  • The next step is to select download latest update
  • Lastly, the user will see a window appearing when the download gets complete.

In order to update the payroll tax table automatically, the user is required to turn on automatic updates in QuickBooks desktop.

Facts related to current payroll tax table version and the process to check its presence

It should be noted that the current payroll version is:

  • 11230003 (QuickBooks desktop 2020)- which was release on June 23, 2020 and is effective from July 1, 2020 and till December 31, 2020

In order to check the version being used, the user can carry out the steps below:

  • For this, the user will have to select the my payroll service, from the employees menu in QuickBooks. And after that select the tax table information
  • Now, under the you are using tax table version, the first three number will reflect the tax table version and should read 11230003. In case you updated the product earlier this year, you might have this version already. In order to apply bug fixes and other relevant improvements, it is recommended to update the product.

It should be noted that, the user will need to use the QuickBooks desktop 2020 or QuickBooks desktop enterprise solutions 20.0 for downloading the tax table update.

Installing the latest tax table from a CD

In case the user makes use of the disk delivery service, the below steps should be implemented. You can also skip to another step, if you have already set up the service keys.

Step 1: Entering the service and disk delivery keys

In case the user is not having the service key, then he/she can use the automated service and disk delivery key tool. The user can also sign in with the Intuit account login. The steps involved in this process are as follows:

  • First of all, visit the employees menu
  • And then select the payroll tab
  • Also, enter the payroll service key
Enter the payroll service key - Screenshot
  • After that, choose the add option present on the QuickBooks service sign up screen
  • The next step is to enter the service key and select next option
  • The last step is to enter the desk delivery key and then hit next

Step 2: Installing the update from the CD

After installing the new tax table, the user will see a confirmation message on the screen:

  • In this step, the user needs to insert the payroll update CD into the CD drive
  • The next step is to move to the employees menu
  • And then choose the get payroll updates
Employees tab and click on Get Payroll Updates - Screenshot
  • Also, select install update from disk
  • The last step is to select install.

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What are automatic updates?

Talking about the QuickBooks automatic updates, the software itself downloads payroll updates automatically, as soon as they are available over the internet. It should be noted that this is general information and is not intended to provide tax or legal advice.

What’s included in the current payroll tax table update?

July 2020 Payroll tax table updates.

Check out the current and historical TD1, CPP and EI amounts

Effective Date7/1/20201/1/2020
Tax Table version #112110
TD1 Amounts
Federal12,29812,298
AB19,36919,369
BC10,94910,949
MB9,8389,838
NB10,45910,459
NL9,4989,498
NS
NT15,09315,093
NU16,30416,304
ON10,78310,783
PE10,0001,000
QC15,53215,532
 SK16,06516,065
YT14,16012,298
ZZ (employees outside Canada)00

Canada Pension Plan

Effective Date7/1/20201/1/2020
Tax Table version #112110
Canada Pension Plan (CPP) – outside Québec
Maximum Pensionable Earnings58,70058,700
Basic Exemption3,5003,500
Contribution Rate5.25%5.25%
Maximim Contribution (EE)2,8982,898
Maximim Contribution (ER)2,8982,898

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EI amounts

Employment Insurance (EI) – outside Québec
Maximum Insurable Earnings54,20054,200
Premium EI Rate (EE)1.58%1.58%
Premium EI Rate (ER) (1.4*EE)2.62%2.62%
Maximum Premium (EE)856.36856.36
Maximum Premium (ER)1,420.041,420.04

Quebec Pension Plan

Effective Date7/1/20201/1/2020
Tax Table version #112110
Quebec Pension Plan (QPP)
Maximum Pensionable Earnings58,70058,700
Basic Exemption3,5003,500
Contribution Rate5.70%5.70%
Maximum Contribution (EE)3,146.403,146.40
Maximum Contribution (ER)3,146.403,146.40

Employment Insurance (EI) – Quebec only

Maximum Insurable Earnings54,20054,200
Premium EI Rate (EE)1.20%1.20%
Premium EI Rate (ER) (1.4*EE)1.68%1.68%
Maximum Premium (EE)650.40650.40
Maximum Premium (ER) (1.4*EE)910.56910.56

Quebec Parental Insurance Plan (QPIP)

Maximum Insurable Earnings78,50078,500
Contribution Rate (EE)0.494%0.494%
Contribution Rate (ER) (1.4*EE)0.692%0.692%
Maximum Contribution (EE)387.79387.79
Maximum Contribution (ER) (1.4*EE)543.22543.22

Commission des norms du travail (CNT)

Maximum earnings subject to CNT78,50078,500

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Fixing Payroll update errors

In case the TD1 amounts are not updated, even after installing the latest tax table update, it is important to have a check on below pointers:

  • The user needs to check whether it is on or after the tax table effective date? To make it easy to understand, let us take an example, in case you have downloaded the tax table version 112 on June 20, 2020, then you not see the updated amounts until the tax table becomes effective on July 1, 2020
  • After the effective date i.e. July 1, 2020, after the product has been downloaded having the new tax tables, the user will need to start a payroll or open and close QuickBooks desktop for TD1 amounts to update
  • In case the user had to manually adjust the TD1 amounts at any point of time in the past or after setting up the new employees, then in that case, the new tax table will not override the previously adjusted amounts. And the user will have to manually update the TD1 amounts going forward.
  • Also check if any of the employees are set-up over the basic TD1 amounts. The QuickBooks software automatically updates the TD1 amounts only for the employees for the basic amounts for the previous tax tables.

Error: Payroll tax table is now out of date

When the user opens the payroll tax table on the system, he/she will see the payroll tax table is now out of date error appearing. Any payroll calculations generated using this tax table will become zero or the payroll calculations showing as $0.00. The reasons behind this are:

Resolving the error becomes easy by carrying out the steps below:

  • First of all, to check if the QuickBooks desktop is using the latest product update. The user will have to check all the versions located on the network, in case of a multi-user network
  • And then compare the product release number of the currently installed product update page while working in QuickBooks. The user can also press the F2 key to check the release reference number
  • In case, the user did not update the product, it is recommended to perform the update process as soon as possible to resolve the issue. Also, clean installation of QuickBooks desktop might resolve the error. Make sure to backup the company file first.

Verify tax tables update is downloaded and installed

Once you have updated the tax table, you might need to check if the update was downloaded and installed in QuickBooks desktop.

QuickBooks desktop usually installs the tax table update, so the user might not require to install it after a successful download. For verifying if the tax table update is downloaded and installed properly, the user can carry out the steps below:

  • For determining the most recent available tax table update, the user will have to click on the link and navigate to the Payroll Support  window. The user will then have to scroll down to the summary for the latest payroll update, in the Intuit QuickBooks payroll news and updates pane
  • Now, navigate to the employees > get payroll updates in QuickBooks and check the tax table version
  • After that, the very first line in the get payroll updates window will show you the version i.e. “You are using tax table version: ####“. Also, the user will then have to click on payroll and click on payroll update info to see the summary information and changes.

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Conclusion!

Updating payroll tax table doesn’t involve any rocket science. Performing the above methods can work to Download, Install & Verify QuickBooks Payroll Tax Tables without any hassle. However, for any further information you can get in touch with our QuickBooks payroll support team via our toll-free number i.e. 1-800-761-1787 and ask them to update the payroll tax table on your behalf.

Do not hesitate in calling us anytime, our experts and certified QB professionals will be happy to help you.

 

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