Payroll Mate software releases new payroll withholding calculator with support for the 2011 tax tables, that were developed as a result of the recently passed Tax Relief and Job Creation Act of 2010. Payroll Mate helps payroll departments and small businesses using QuickBooks accounting software implement the 2011 withholding tables before the IRS deadline of January 31, 2011.
Orland Park, IL -- (ReleaseWire) -- 01/06/2011 -- Real Business Solutions (http://www.RealTaxTools.com/), a leading provider of payroll tax systems has released a new version of its 2011 Payroll Mate software for QuickBooks and other accounting solutions. The updated payroll calculator shipping with the software reflects the reduction in employee social security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. The tax calculator also includes the latest federal and state withholding tables for tax year 2011.
Popular among small businesses and accounting firms, Payroll Mate is always one of the first payroll processing solutions to implement tax updates and new payroll regulations. Payroll Mate is trusted by thousands of businesses nationwide including QuickBooks and Quicken users. A FREE payroll software trial can be downloaded from the product’s website by visiting http://www.payrollmate.com/.
If you use QuickBooks to manage your business and you've been searching for a payroll software that integrates with QuickBooks, then Payroll Mate is definitely for you. With the advanced features in this payroll solution, SMBs can save a bundle by using Payroll Mate to prepare payroll and track payroll taxes and then post payroll data to QuickBooks at the end of the pay period. Payroll Mate is currently used by accountants, businesses, CPAs, churches, banks, professional tax preparers and payroll service providers. Visit the QuickBooks payroll software page (http://www.realtaxtools.com/QuickBooks-Payroll-Software.html ) to learn more.
For 2011, the employee tax rate for social security is 4.2 percent. The employer tax rate for social security remains unchanged at 6.2 percent. The 2011 social security wage base limit is $106,800. In 2011, the Medicare tax rate is 1.45 percent each for employers and employees, unchanged from 2010. There is no wage base limit for Medicare tax. Employers should implement the 4.2% employee social security tax rate as soon as possible, but not later than January 31, 2011.
Payroll Mate is state-of-the-art payroll preparation system, which offers fully-automated payroll processing functions. Below is a summary of the features offered by Payroll Mate:
- Exports Payroll Data to QuickBooks software.
- Exports Payroll checks to Quicken and accounting software like Microsoft Office accounting.
- Supports the following federal payroll forms: 941, 940, 944, W-2, W-3.
- Supports California DE 9 , DE 9C, Texas C-3 , Texas C-4, New York NYS-45, IL 941 and IL UI-3/40.
- Automatically calculates federal payroll tax and state payroll tax withholding.
- Supports different types of pay periods.
- Supports customizable income, tax and deductions categories.
- Supports income per mile and per piece.
- Supports fringe benefits.
- Generates comprehensive payroll reports.
- Handles payroll deductions.
- Exports payroll reports to Excel, CSV and PDF.
- Prints on Laser and Inkjet checks.
- Prints on preprinted red scannable W2 forms and W3 forms.
- Free updates during the tax year.
- One step backup and restore.
- Runs over a network.
- Supports payroll direct deposit.
- Ability to print MICR checks on blank check stock.
Download your FREE payroll software demo today by visiting the payroll software download page: http://www.realtaxtools.com/download.html.