{"id":2444,"date":"2019-12-31T11:01:50","date_gmt":"2019-12-31T17:01:50","guid":{"rendered":"https:\/\/www.iqaccountingsolutions.com\/blog\/?p=2444"},"modified":"2020-05-27T11:10:28","modified_gmt":"2020-05-27T16:10:28","slug":"new-withholding-info-tab-in-sage-50","status":"publish","type":"post","link":"https:\/\/www.iqaccountingsolutions.com\/blog\/new-withholding-info-tab-in-sage-50\/","title":{"rendered":"New Withholding Info Tab in Sage 50"},"content":{"rendered":"<p>As I mentioned in my post &#8220;<a href=\"https:\/\/www.iqaccountingsolutions.com\/blog\/whats-new-in-sage-50-2020-1\/\">What&#8217;s New In Sage 50 2020.1<\/a>&#8220;, the IRS has released a new W-4 form to be used starting in January 2020 (read the <a href=\"https:\/\/www.irs.gov\/newsroom\/faqs-on-the-2020-form-w-4\">FAQ<\/a> for details if you haven&#8217;t already.) The new form is considerably different than the old one. So different, in fact, that Sage had to redesign the Withholding Info tab of the Maintain Employee&#8217;s window. Here&#8217;s what you need to know about the new screen.<\/p>\n<ul>\n<li>Existing employees don&#8217;t need to fill out a new W-4 unless they want to change their withholding. But starting in January all <u>new<\/u> employees must use the new format. Because of that Sage had to accommodate both styles. So there&#8217;s a new check box in the upper left section of that screen labeled &#8220;Employee uses W4 prior to 2020.&#8221; This box will automatically be checked for your existing employees.<\/li>\n<li>For all new employees, clear the &#8220;Employee uses W4 prior to 2020&#8221; check box to enable the new fields that correspond to the new W-4 form.<\/li>\n<li>If existing employees want to adjust their withholding in the new year, they must fill out the new form W-4. When they do that, you need to clear the &#8220;Employee uses W4 prior to 2020&#8221; check box.<\/li>\n<li>The default setting is to turn off the &#8220;Employee uses W4 prior to 2020&#8221; setting for new employees. So if you hire someone before the end of 2019 be sure to check the box (I mention it because I&#8217;ve already gotten this question.)<\/li>\n<\/ul>\n<p>Don&#8217;t overlook the &#8220;Multiple Jobs&#8221; check box. It corresponds to section 2 of the new W-4 and affects how the employee&#8217;s taxes are calculated. It&#8217;s intended to prevent employee&#8217;s with multiple jobs from under withholding and ending up with a large tax bill because their wages at each job don&#8217;t accurately reflect their total earnings<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/gallery.mailchimp.com\/0b92990bba1267be26b8ca6db\/images\/226c4e44-c9e5-45d2-82be-1191abe130b1.png\" alt=\"New Sage 50 Withholding Info Tab\" width=\"761\" height=\"590\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As I mentioned in my post &#8220;What&#8217;s New In Sage 50 2020.1&#8220;, the IRS has released a new W-4 form to be used starting in January 2020 (read the FAQ for details if you haven&#8217;t already.) The new form is considerably different than the old one. So different, in fact, that Sage had to redesign [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[9,3],"tags":[],"_links":{"self":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/2444"}],"collection":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/comments?post=2444"}],"version-history":[{"count":1,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/2444\/revisions"}],"predecessor-version":[{"id":2445,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/2444\/revisions\/2445"}],"wp:attachment":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/media?parent=2444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/categories?post=2444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/tags?post=2444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}