2011 Round 2 Payroll Tax Update

Round 2 Tax Update for 2011 has been released. Round 2 update includes a data and code change. This update requires that the Automatic/Manual Update be processed along with installing the exe file on all workstations/server.

Important Note: The FICA/Social Security withholding changed for employees from 6.2% to 4.2% in 2011. Round 1 included the change to both the Employee and Employer portion due to Microsoft Dynamics GP calculation being based from one amount. Due to this, General Ledger posting, inquiries and reports that show FICA amounts for employers will be calculated using 4.2% for payruns that are processed with Round 1. Round 2 Tax Update includes changes to the employer portion to bring back to 6.2%. This fix will not retroactively correct GL postings.

Provided by KTL Solutions, Inc

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