Ugh. So, I’m running payroll in QuickBooks for 1/1/2012. I got the new tax table update (the most up to date one is 21202, by the way). Then, I started payroll and noticed that my Social Security employee was the same as the Social Security Company. Hmmm…I was pretty sure that Congress passed the extension…well, for 2 months, anyway.
So, QuickBooks was showing both rates as 6.2% (instead of 6.2% for the employer and 4.2% for the employee). A little digging found this web page from Intuit that said that for QuickBooks to show the correct amounts, you need to have the current tax table (check) AND your computer’s system date must be later than 1/1/2012 (whaaaaat???).
I tried to go to Control Panel and change my computer’s date to after the new year, but that didn’t seem to work. And, since I’d rather not spend the after-midnight portion of my New Year’s Eve party running a payroll, I just manually changed all of the employee’s Social Security contributions.
I will keep digging for a better solution. But, if you are one of our clients and need some assistance with this, please feel free to give us a call to make sure your January payroll is done right. I’ll post an update if I find anything new. Hopefully, I’m just jumping the gun and Intuit will send out a solution later this week.
UPDATE: According to Intuit, there will be another release on 12/29. You should wait to do any 2012 payroll until after 12/29 and after you do a payroll update.