Payroll error message

Hello. I've got a new installation of PT Complete 2006 and have generated my own tax formulas.
When I try to generate payroll checks, I get error messages ("Can't
find FIT 07, Can't find FICA EE 07"). When I click OK to the messages, the payroll deductions are calculated correctly and deducted from the paycheck gross amount as you would expect.
So, my question is, if PT can't find my formulas, how come it has no trouble using them for the payroll deductions?
Thanks in advance for any help with this one.
Richard
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Check the date of the paycheck. It should not be looking for the 07 tax Ids until January 07 paychecks.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
wrote:

Hmmm. A possibility. However, the error message states that it indeed is looking for FIT 07 (which really is there). I'll wait a few weeks until it really is 07. Then, if it still doesn't work, I'll have a more valid reason to panic. Thanks very much. Richard
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

why wait? Change your computer clock to 1/1/07 and see what happens.
The other possibility is that there is a problem with how you have specified the tax IDs or tax names on those entries and PT can't find those codes. I would check both the default employee settings as well as your employee profiles. Something is not specified correctly.
Is the IRS pub 15 for the 2007 tables available yet? we are thinking of skipping the tax subscription this year and doing it ourselves.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
The Circular E isn't up on the IRS web site yet. Here's a link to part of the 2007 rates:
http://www.irs.gov/formspubs/article/0,,id 4272,00.html
--
Diane Koers
www.thepeachtreelady.com
  Click to see the full signature.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Thank you for the link.
If we decided to skip this year's payroll subscription do I need to do anything other than replicate the existing tax IDs (FICA, FUTA, SIT) that exist for 2006 in the Peachtree maintained tables and create them for 07 in the user maintained section?

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
wrote:

Thank you all for your suggestions. I have tried re-setting the computer clock to 2007. No dice. Very strange. When I load a sample company, all is well even though the tax files are named the same as mine. Yet mine don't work. Yup, something is certainly wrong.
For what it's worth, here are the FIT formulas I entered for 2006. 2007 shouldn't be too much different. I don't think my formulas are my problem, I'm listing them here in case others can use them.
Richard
A=ANNUAL(ADJUSTED_GROSS)-(EMP_FEDERAL_ALLOWANCES*3299.92); B=0; B=IF(A>8008, 0.1*A - 800.80, B); B=IF(A>22906, 0.15*A - 1946.10, B); B=IF(A>68042, 0.25*A - 8750.30, B); B=IF(A>126906, 0.28*A - 12557.48, B); B=IF(A>195442, 0.33*A - 22329.58, B); B=IF(A>343538, 0.35*A - 29200.34, B);
ANSWER=-PRORATE(B)-EMP_FEDERAL_EXTRA
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
HA!
Found the problem. My FIT formula was listed as "married/jointly" whereas my employee record was just plain "married" Makes a difference.
Sorry for my confusion.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

The PT supplied formula is ANSWER = -PRORATE (TABLE (ANNUAL (ADJUSTED_GROSS) - (EMP_FEDERAL_ALLOWANCES * 3300))) - EMP_FEDERAL_EXTRA

How are you entering these? Did you use the tables or is the above entered in the formula area?
The Peachtree supplied tables use the formula plus table entries that look like this:
Married: Gross> withhold Plus % 8000.00 0.00 10.00 22900.00 1490.00 15.00 68040.00 8261.00 25.00 etc
These tables match the annual tables found in the IRS pub 15-percentage method. Yours look similar but the wage brackets are slightly different than those used by the IRS.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

The above are the married rates. I'm guessing that when the Bush tax cut was passed, the methods for calculating withholding changed. The above numbers I used is from the 2006 IRS tables. There is a slight difference between the weekly table and the bi-weekly table but it's not much.
Below are the single rates:
A=ANNUAL(ADJUSTED_GROSS)-(EMP_FEDERAL_ALLOWANCES*3299.92); B=0; B=IF(A>2652, 0.1*A - 265.20, B); B=IF(A>10010, 0.15*A - 765.70, B); B=IF(A>32240, 0.25*A - 3989.70, B); B=IF(A>73242, 0.28*A - 6186.96, B); B=IF(A>156650, 0.33*A - 14019.46, B); B=IF(A>338390, 0.35*A - 20787.26, B);
ANSWER=-PRORATE(B)-EMP_FEDERAL_EXTRA
I just copied and pasted the whole block into the formula window. I didn't use PT's table at all.
I've tried writing sample paychecks and the formulas seem to agree with the IRS tables. Maybe 2007 will be slightly different but it should be no big deal to make slight adjustments to these formulae.

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Basically that's all you need to do. You'll need FIT (married and single), FUTA, FICA EE and ER, MEDICARE and your STATE. You'll also need the FEIC if you have anyone getting the EIC.
--
Diane Koers
www.thepeachtreelady.com
  Click to see the full signature.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Thanks. I will start copying the formulas and set up the tables using the 2006 rates until the official Pub 15 is released in January.

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
I have copied all the tax formulas and tables from 2006 in the peachtree maintained tax table to the user maintained tax file. I changed the year from 2006 to 2007 and I changed the system date to 2007 as well as the program date but even though I saved the tax information after I entered it when I go back to check why the program cannot find it I find that all that is listed is the name of the tax with no tables or formulas and of course gives me an error that none of the taxes are found even though I physically verified that they are listed but somehow the program deleted all the information concerning the calculations of the taxes? Any assistance would be greatly appreciated. I also have Peachtree complete accounting 2004 multiuser available for sale if anyone is interested. Steve Reznick

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Double check that the tax name/ID are the same as before with the exception of 06 vs 07 where appropriate. I created mine before Christmas using the 2006 values so that I could double check the calculations for a 2006 paycheck. Then I updated the tables to use the new 2007 values.
When you did your testing, was the paycheck dated 2007? That's what is signals PT to use the 07 tax IDs instead of the 06 ones.

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

BeanSmart.com is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.

Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.