Important Installation Notes:This update is recommended for all AccountEdge customers and should be installed on all computers running AccountEdge.This update includes a fix for an AppleEvents error that occured for some users.
Payroll & Product Update
January 01, 2024 Payroll Compliance Update
Federal Income Withholding Tax Brackets have been adjusted. Rates remain unchanged.
Federal Social Security Wage Base Increases to $168,600.
Alaska Increases the Unemployment Insurance Taxable Wage Base to $49,700 and Decreases the Unemployment Insurance Rate to 0.5%.
Arkansas Adjusts Withholding Methods and Increases the Standard Deduction to $2,340.
California Adjusts Withholding Methods, Increases State Allowance to $158.40, and Increases Standard Deduction to $5,363 or $10,726 depending on filing status.
California Increases Disability Rate to 1.1% and eliminates the Taxable Wage Base.
Colorado Adjusts Withholding Formula and Increases Exemption Allowance to $5,000 (single) and $10,000 (married).
Colorado Increases Unemployment Insurance Taxable Wage Base to $23,800.
Connecticut Adjusts Withholding Method and reduces the two lowest tax rates to 2% and 4.5%.
Connecticut Increases Unemployment Insurance Taxable Wage Base to $25,000.
Georgia Adjusts Withholding Methods and Increases Standard Deduction to $24,000 for Married filing Jointly Status and $12,000 for all other statuses.
Hawaii Increases Unemployment Insurance Taxable Wage Base to $61,800.
Idaho Increases Unemployment Insurance Taxable Wage Base to $53,500.
Illinois Increases Unemployment Insurance Taxable Wage Base to $13,590.
Indiana Decreases Flat Rate Tax to 3.05% and Increases Tax Rates for 11 Counties.
Iowa Adjusts Withholding Formula and now uses three tax brackets of 4.4%, 4.82%, and 5.7%, instead of the four brackets used in 2023.
Iowa Increases Unemployment Insurance Taxable Wage Base to $38,200.
Kentucky Adjusts Withholding Method and now uses a decreased tax rate of 4%, and a standard deduction of $3,160, up from $2,980.
Kentucky Increases Unemployment Insurance Taxable Wage Base to $11,400.
Maine Adjusts Withholding Methods. The value of a State Allowance Increases to $5,000 and the Maximum Standard Deduction Increases to $11,750 for Single Status and $26,350 for Married Status.
Massachusetts Updates Withholding Methods.
Michigan Adjusts Withholding Rate back to 4.25%, from 4.05%.
Minnesota Adjusts Withholding Tables.
Minnesota Increases Unemployment Insurance Taxable Wage Base to $42,000.
Mississippi Decreases Income Tax Withholding Rate to 4.7%.
Missouri Adjusts Withholding Methods and Increases the Standard Deduction to $29,200 for Married Status, $21,900 for Head of Household Status, and $14,600 for all other statuses.
Missouri Decreases Unemployment Insurance Taxable Wage Base to $10,000.
Montana Adjusts Withholding Methods. The new guide uses a percentage method with tax brackets of zero, 4.7%, and 5.9%, instead of four tax brackets with rates ranging from 1.8% to 6.6%.
Montana Increases Unemployment Insurance Taxable Wage Base to $43,000.
Nebraska Adjusts Withholding Methods. The top three tax rates were also decreased to 5.77%, 5.94%, and 6.1%. The value of a state allowance increased to $2,250.
Nevada Increases Unemployment Insurance Taxable Wage Base to $40,600.
New Jersey Increases Family Leave Rate to 0.09% and the Taxable Wage Base increases to $161,400.
New Jersey Increases Unemployment Insurance and Work Force Taxable Wage Base to $42,300 and increases Temporary Disability Insurance Taxable Wage Base to $161,400.
New Mexico Adjusts Withholding Methods.
New Mexico Increases Unemployment Insurance Taxable Wage Base to $31,500.
New York Increases Unemployment Insurance Taxable Wage Base to $12,500.
North Carolina Adjusts Withholding Methods. The rate used for withholding, including supplemental payments, is 0.1 percentage points higher than the actual income tax rate, meaning withholding uses a rate of 4.6% in 2024, down from 4.85%.
North Carolina Increases Unemployment Insurance Taxable Wage Base to $31,200.
North Dakota Increases Unemployment Insurance Taxable Wage Base to $43,800.
Oklahoma Adjusts Withholding Methods.
Oklahoma Increases Unemployment Insurance Taxable Wage Base to $27,000.
Oregon Increases Unemployment Insurance Taxable Wage Base to $52,800 and Increases Family-Leave Insurance Taxable Wage Base to $168,600.
Rhode Island Adjusts Withholding Methods. The value of a state allowance remained $1,000 annually, but the annual wage threshold above which the value of an allowance becomes zero increased to $274,650.
Rhode Island Increases Unemployment Insurance Taxable Wage Base to $29,200. The Temporary Disability Insurance Rate Increases to 1.2% and the Taxable Wage Base Increases to $87,000.
South Carolina Adjusts Withholding Methods. The formula uses three tax brackets with rates of zero, 3%, and 6.4%. The value of a State Allowance increased to $4,610 and the Maximum Standard Deduction increased to $6,925.
Utah Increases Unemployment Insurance Taxable Wage Base to $47,000.
Vermont Adjusts Withholding Tables. The value of a State Allowance increased to $5,100.
Vermont Increases Unemployment Insurance Taxable Wage Base to $14,300.
Washington Increases Unemployment Insurance Taxable Wage Base to $68,500.
Washington Increases Family-Leave Insurance Taxable Wage Base to $168,600.
Wyoming Increases Unemployment Insurance Taxable Wage Base to $30,900.
Enhancements & Resolved Issues
Added a Preference to Hide Zero Currency Amounts in Forms
Sales Register Amounts Missing Labels
