All the round off is caught at the end of the year, as the withholding is just an "estimate" based on the projected annual (or other time period) salary and other factors and not necessarily on the amount that is actually paid. For example, if an employee makes $120,000/yr, i.e. $10,000/month, the withholding is based on the employee actually making this much money; however, if the employee works only for 6 months, he will make a total salary of $60,000 and will have greatly overpaid based on the projected earnings. I use QuickBooks PRO and I think it is a great program; however, I hate the way the do business, once you buy the software, you are stuck with them as you cannot modify the tables and/or buy the new tables from a third party and the yearly upgrades are almost as expensive as buying the software all over again...if the Department of Justice thinks that Microsoft has bad business practices, they should look at Intuit.
Javier Valencia, PE President Valencia Technology Group, L.L.C. 14315 S. Twilight Ln., Suite #14 Olathe, KS 66062-4571 (913)829-0888 (913)649-2904 FAX -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On Behalf Of Bernard Lis Sent: Sunday, January 12, 2003 7:53 PM To: RBASE-L Mailing List Subject: [RBASE-L] - Re: Rounding, QuickBooks Pro, and Rbase Mike, I don't think it matters. The employee has to compensate for this when he figures his taxes at the end of the year. I use the annual table formula. If employee is paid weekly, multiply by 52, calc taxes and divide by 52. If monthly, multiply by 12, etc. I've been doing it this way since the days of 2.11 Bernie Lis Megabytes, Inc. Walled Lake, MI ----- Original Message ----- From: "mjs" <[EMAIL PROTECTED]> To: "RBASE-L Mailing List" <[EMAIL PROTECTED]> Sent: Sunday, January 12, 2003 7:44 PM Subject: [RBASE-L] - Rounding, QuickBooks Pro, and Rbase > Hi all, > > I wrote a payroll program. The employee earned $552.00 (single, 0 > allowances). > According to the Circular E formula, the Federal Withholding Tax should > be $69.50. > > (((552-164)*.15)+11.30) = $69.50 > > WHY DOES QUICKBOOKS ROUND THIS TO $69 INSTEAD OF $70? > Makes my application look dumb! > > Mike Sinclair >
