2012 Payroll Software from RealTaxTools.Com Updates 2012 Tax Tables Including Employee and Employer FICA Rates

CHICAGO, Jan. 26, 2012 /PRNewswire/ -- Real Business Solutions (www.realtaxtools.com) reminds employers and tax professionals of the latest payroll withholding changes introduced in 2012 by the Internal Revenue Service and a number of state departments of revenue. The software maker also invites US businesses to try the 2012 version of its popular Payroll Mate payroll software.

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Free Payroll Software demo can be downloaded from http://www.realtaxtools.com/.

The employee tax rate for social security is 4.2% on wages paid and tips received before March 1, 2012. The employee tax rate for social security increases to 6.2% on wages paid and tips received after February 29, 2012. The employer tax rate for social security remains unchanged at 6.2%. The social security wage base limit is $110,100. The Medicare tax rate is 1.45% each for the employee and employer, unchanged from 2011. There is no wage base limit for Medicare tax. The FUTA tax rate is 6.0% for 2012. The 2012 amount for one withholding allowance on an annual basis is $3,800.The IRS has also introduced new 2012 federal income tax withholding tables to be used for doing payroll by hand or using payroll software.

Payroll Mate is always one of the first payroll preparation solutions to implement payroll updates and new government regulations. Year after year, thousands of employers and accounting professionals trust Payroll Mate to do payroll and prepare payroll taxes in house.

Payroll Mate makes doing payroll easy, smooth, predictable, and of course affordable through a set of powerful and flexible payroll management capabilities that allow small businesses to operate smarter and save money. Below is a short list of what this payroll system can do:

• Automatically calculates federal and state payroll tax withholding.
• Supports different types of pay periods including weekly, biweekly, semimonthly and monthly.
• Supports customizable income, tax and deductions categories.
• Exports Payroll checks to Quicken and accounting software like Microsoft Office accounting.
• Supports the following payroll forms: 941, 940, 944, W-2, W-3, California DE-6 , California DE-7 , Texas C-3 , Texas C-4, New York NYS-45, Illinois 941 and Illinois UI-3/40.
• Can be used as QuickBooks payroll subscription alternative with the ability to export payroll data to QuickBooks software.
• Prints on preprinted W2 forms and W3 forms.
• Supports income per mile and per piece.
• Exports payroll reports to Excel, CSV and PDF.
• Generates comprehensive reports including payroll journal, tax liability and deposit requirement.
• Generates Direct Deposit Files.
• Prints MICR checks on blank check stock.

Give the payroll calculator from PayrollMate.com a test drive and see for yourself how easy managing payroll can be. Visit payroll software page.

SOURCE PayrollMate.com