Are you up-to-date with the 2020 tax changes? Complex payroll administration is a major headache for many growing businesses. To help you out, we’ve summarized a few of the tax changes that may affect you this year.
Federal Payroll Tax Updates for 2020
The minimum salary level for White Collar exemptions increased from $455/week to $684/week; the social security maximum wage base increased to $137,700.
The 2020 W-4 has been significantly redesigned. However, employees aren’t required to fill out a new form unless they are starting a new job in 2020. For more information about the 2020 W-4,
State Payroll Tax Updates for 2020
White Collar Exemptions
States which increased minimum salaries for White Collar exemptions include Alaska, California, Maine, New York, Washington, and Colorado. If you have workers in these states, be sure to double-check whether this changes the exemption status of any of your employees.
Delaware, Rhode Island, Vermont and South Carolina have state-specific forms available for state withholding.
Withholding Table Updates
Several states have updated their withholding tables:
These are just a few of the state-specific tax updates for 2020. If you’re a Dynamics GP user, be sure you understand the year-end tax updates for your software solution:
2019 GP Year-End Updates
2020 tax updates are currently available to be installed in Dynamics GP.
You can also check out the
To learn more about payroll productivity tools that can transform your payroll process, learn how to
Check out our GP Payroll User Group
Want to know about more details of the 2020 tax changes and related Dynamics GP updates? Integrity Data’s Payroll User Group holds quarterly meetings to keep you informed and connected with other users in the Dynamics GP community.
Register for our upcoming webinar
To learn more about payroll functionality that can help your business,
We’ll go back and review all the payroll-related features released in recent years and highlight some useful functionality that you have in Dynamics GP.
Information from Microsoft
If you’re looking for more tips and tricks for getting the best from your software, check out the
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