To download these new tax tables, log into the Sage Customer Portal at https://customers.sagenorthamerica.com. On the left side, under the Download Product Updates section, click the Tax Table Update link. To verify that the new tax table update was installed successfully, preview the Installed Modules Listing under Library Master>Reports and verify that the 2013-Q1 Tax Tables show a release date of 1/4/2013.
The Federal tax tables for 2013 also include the following:
- an increase in the employee Social Security tax rate from 4.2% to 6.2%
- an increase in the Social Security wage base for both employees and employers to $113,700
- a calculation for an additional employee Medicare tax of .9% on wages over $200,000