If you are using Peachtree 2006 or 2007 and are manually updating your payroll taxes, be cautious with the latest SR updates. The tax calculator is changed to support the new "print & sign" forms and if you use the old formula method, you get wrong liability amounts on the Tax Liability report for Futa, FICA and Medicare. To check this, run the Tax Liability report but also check the "Tax Withheld" box and compare it to the liability amounts.
If you see the wrong amount, you need to change your formulas. The new formulas are:
FUTA: LIMITp00.00;
PERCENT=0.8;
TAXABLE_GROSS = YTD_LIMIT (ADJUSTED_GROSS,LIMIT);
ANSWER = -TAXABLE_GROSS * PERCENT%
FICA (EE & ER): LIMIT—500.00;
PERCENT=6.2;
TAXABLE_GROSS=YTD_LIMIT(ADJUSTED_GROSS,LIMIT);
ANSWER=-TAXABLE_GROSS * PERCENT%
MEDICARE: PERCENT=1.45;
TAXABLE_GROSSJUSTED_GROSS;
ANSWER = -TAXABLE_GROSS * PERCENT%