The’re ready! Symmetry Software, creators of paycheckcity.com and specialists in payroll withholding tax solutions for the internet and corporate intranets, announced today the completion of the 2013 tax updates to its PaycheckCity® paycheck calculators. With Congress passing a fiscal cliff deal and the IRS releasing the 2013 income tax withholding tables, individuals can now calculate on PaycheckCity® the payroll withholding for their first paycheck of 2013, providing valuable information about what their take-home pay will be.
PaycheckCity® 's online payroll calculators have been updated to include the latest 2013 tax information following Congress's fiscal cliff compromise. Individuals can use the site's self-service tools to model what their take-home pay will look like given the tax changes announced early this year. 'While the calculations on PaycheckCity® reflect the most up-to-date tax tables, because the fiscal cliff deal was passed so late, workers may not see anything changing in their next two to three paychecks,' says Tom Reahard, Founder and CEO of Symmetry Software. However, according to guidance issued by the IRS in Notice 1036, employers must implement the new 6.2% social security tax rate as soon as possible, but no later than February 15th, 2013. They must subsequently adjust for any underwithholding of social security tax from previous pay periods by March 31st, 2013. With this in mind, the PaycheckCity® paycheck calculators offer a preview of what workers' 2013 paychecks should look like Reahard says.
Here's how the calculators work: To see what an individual's likely take-home pay for 2013 is, visit PaycheckCity® and navigate to a standard paycheck calculator. Enter a check date, state for withholding, gross pay, pay frequency, federal filing status, and number of federal allowances. Complete the additional state and local information and make sure to include any voluntary deductions or other additional withholding that the worker is subject to in order to get the most accurate result. Click 'calculate' to see the 2013 paycheck results including gross pay, deductions from the paycheck, and net pay or take-home pay. PaycheckCity® even provides a variety of print views for individuals to capture their paycheck results.
For the average American worker, not much will change from 2012 to 2013 concerning their take-home pay other than the 2% increase in the social security tax, also referred to as FICA. For workers approaching and exceeding the $200,000 level, Sam Kerch, Symmetry Software's Controller, recommends working with a tax adviser to see whether there is the need to adjust withholding amounts on the Form W-4 to ensure that adequate tax is taken out of each paycheck to account for other tax increases implemented by the fiscal cliff deal. For either scenario, PaycheckCity® offers self-service tools for paycheck management where individuals can model 'what-if' scenarios using their wages and other paycheck figures to determine the impact on their take-home pay. Reahard states that nearly 300 tax updates for 2013 were coded in the Symmetry Tax Engine, which powers PaycheckCity® calculators.
To use the 2013 payroll calculators or to learn more, visit paycheckcity.com.