The IRS has just released the new 2016 tax schedule and we are ready to supply them to you now.
The Social Security and Medicare structure is the same as last year. That is, the employee and the employer rates are the same at 6.2% for Social Security. The maximum wage base has also remained at $118,500. Medicare will again extract an additional .9% of wages in excess of $200,000 for the employee only.
This tax subscription supports all state taxes. The following states have released their new tax rates for 2016 and have been updated at this time:
| California | Connecticut |
| Indiana | Maine |
| Minnesota | Massachusetts |
| Maryland | Missouri |
| New Mexico | New York |
| Ohio | Oklahoma |
Strong software supports just one type of Employee Medicare tax. Fittingly, its called Medicare tax. If the employee earns over $200,000, it will still be called Employee Medicare tax. We no longer support the SAGE designation of a 'High Earner' tax. The 941 will print out the proper Additional Medicare on line 5d by comparing the difference between the employer and the employee Medicare tax.
There are no changes in the form that make it necessary to download a new Mag Media from us.
Accuwage for tax year 2015 is available for testing your Mag Media report. Download here and look under 'Quick Links' at the top of the page.
There have been no changes to the W2 this year. Other than the Year that's printer on the form, of course.
For employers with over 50 employees, reporting on the Form 1095-C is required. The ability to print this report and it's transmittal form 1094-C is included in this tax subscription.
Please note: We will NOT be able to supply the electronic transmission of this form that is required of employers of over 250 employees. If needed, please consult with your insurance provider or one of the many 3rd party suppliers of this service.