The HIRE Act that is now in effect. To summarize, any newly hired employee, who has been unemployed for 60 days prior to employment, qualifies. The employer will not have to match the 6.2% of the social security tax on these employees through Dec 31, 2010.
Also these employees must have code “CC” in Box 12 of the 2010 form W2.
Since we are using ACCPAC PR version 5.4 SP 3, what changes or updates to the software can we expect? Specifically:
• Is there a way to stop the employer portion of the social security tax from calculating for only these employees?
• Will an update be issued for the Form 941 which has been revised for 2nd quarter?
• How will code “CC” be added to the W2s for these employees?
by: Squealy M. | over a year ago | Payroll
Comments
Has there been any progress on this? Doing my quarterly 941 by hand and making journal entries for the 6.2% employer portion is kind of defeating the point of having an accounting system that is supposed to do this for me!