This is a busy day for payroll processors across the country.  If you’re a payroll processor and you actually got the day off (and you aren’t in government union!), then count yourself as one of the few.

At Tempworks we’re getting a lot of inquiries like this one:

Do you know if the rate applies to the check date or the w/e ending date?

At Tempworks we’re getting a lot of inquiries like this one:

Do you know if the rate applies to the check date or the w/e ending date?  The reason I ask is the checks that ran on Monday were run in 2012 and the ones I put through today are technically 2013 and new 6.2 percent rate is calculating for each check and not pulling any of the checks into the null/negative error message.  I’m trying to figure out if I need to change all the checks cut today and moving forward this week to the 4.2 percent rate.

The answer as of 1:18pm CST today is that the 6.2% rate is in place as of today and that there is no change to that in the Senate bill that is now supposedly making its way to the House floor.

So that’s a little bit of good news for the payroll processors.  Assuming you already have your tax tables updated for 2013, you don’t need to change anything as of today.

However, if you are among the working poor, sorry but the taxman cameth.  Your FICA tax rate is now 2% higher than it was yesterday.  Unlike those making more than $113,700 whose rate also went up 2%, this tax hike will apply to all of your wages this year.

Tags: News