Sage 300 ERP is a popular payroll software that helps businesses manage their payroll processes. As the tax season approaches, many businesses are looking for ways to optimize their Sage 300 ERP systems.
Sage Payroll has released an update to its Sage 300 ERP that includes new features to help businesses with payroll taxes.
The update includes a new tax module that helps businesses automatically calculate taxes and payments.
It also includes a new payroll import feature that can help automate the process of importing taxes from other sources. If you’re looking to optimize your Sage 300 ERP system for the tax season, be sure to check out the updated release from Sage Payroll.
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What is the Sage 300 ERP?
In a recent release of the Sage 300 ERP, Sage announced updates to its payroll tax functionality. The updated functionality includes support for Federal and State income taxes, as well as employee benefits.
- The Federal tax calculation now takes into account the new Child Tax Credit, which was increased from $2,000 to $2,500 per child in 2017.
- The State tax calculation now takes into account the new Standard Deduction for Individual Filers in California and New York, which are set at $10,000 and $12,000 respectively.
- Sage also announced updates to its employee benefits functionality.
- The updated functionality includes support for pension contributions, vacation time accrual and payout, sick time accrual and payout, and employer matching funds for health insurance premiums.
What are the tax implications of using the Sage 300 ERP?
If you are using the Sage 300 ERP, be sure to review the tax implications of using this software. Sage released a tax update for the ERP software that includes new updates to Canadian and American payroll taxes. The tax update is available on the Sage website and can be downloaded as an executable file.
Sage has created two versions of its tax update for users in Canada and the United States. The Canadian version reflects updates to Canadian federal and provincial income taxes, while the American version reflects updates to U.S. federal, state, and local income taxes.
In both cases, Sage has updated its payroll tax calculations to reflect recent changes in law.
The primary changes in law that have been reflected in the tax update are as follows:
Income Tax Changes in 2017: For 2017, there are a number of small amendments to various Income Tax Acts that will affect how your business pays income taxes.
This includes amendments affecting employee wage withholding, pension contributions, charitable donations, streaming payments from foreign companies through Canadian partnerships and sole proprietorships, etc…As a result of these amendments (and others),
Sage has updated its payroll tax calculations so that all businesses using its ERP software will be affected.
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Employee Benefits Changes in 2017: There are also a number of significant changes affecting employee benefits that came into effect on January 1st of this year… These include increases to CPP premiums (for employees aged 55 or over), increases to EI premiums (
What are the benefits of using the Sage 300 ERP?
The Sage 300 ERP is a powerful and comprehensive payroll software. It offers many benefits to users, including:
– Simplified payroll processing
– Effortless collaboration with other departmental teams
– Enhanced compliance tracking and reporting
– Robust integration with other business systems
How to file your payroll taxes using the Sage 300 ERP?
Since the Sage 300 ERP was released, many users have been asking how to file their payroll taxes using the software. The following steps outline how to file your payroll taxes using the Sage 300 ERP.
- First, select “Employees” from the main menu. This will open the Employees screen.
- Next, click on “Employees Payroll”. This will open the Payroll Tax window.
- On this screen, you will first need to input your company’s Federal Identification Number (EIN). You can find this number on Form 941, Employer’s Annual Information Return for establishments with annual gross receipts of $10 million or more. You can also find this number on our website under “My Account” and then under “File Online Forms”.
- Next, you will need to input your company’s social security number (SSN). You can find this number on Form W-2 or Wage and Tax Statement.
- You will also need to input your employee’s name and address information.
- Finally, you will need to input your payroll tax liability for the year. This may include federal income tax withholding, social security tax withholding and Medicare tax withholdings.
- After filling out all of these fields, click on the “Calculate” button to generate your payroll tax liability totals.
- Once you have generated your payroll tax liabilities, you can print out a copy of your payslips and submit them with
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What are the consequences of not filing your payroll taxes using the Sage 300 ERP?
If you do not file your payroll taxes using the Sage 300 ERP, there are severe consequences. First and foremost, your business will be at risk for tax audit by the IRS. Any money that is owed to the IRS may become due and payable very quickly. Furthermore, if you have failed to file your taxes on time in the past, penalties and interest may apply to any unpaid balances.
Finally, if your business is found to be in violation of federal or state payroll tax laws, it may face serious legal consequences. If you have any questions about how filing payroll taxes using the Sage 300 ERP can help improve your business’s compliance with these laws, please contact our team at [telephone number].
Conclusion
After much anticipation, Sage released its payroll tax update for the Sage 300 ERP. Included in this update are changes to withholding and estimated taxes, as well as updates to the Self-Employed Persons Taxation Guide.
Withholding has been simplified with a new W-4 form, while estimated taxes have been enhanced to include more accurate calculations of Federal income tax withholdings based on your marital status, filing status and adjusted gross income.
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Sage Payroll has released an update to its Sage 300 ERP that includes new features to help businesses with payroll taxes. The update includes a new tax module that helps businesses automatically calculate taxes and payments. Also includes a new payroll import feature that can help automate the process of importing taxes from other sources. If you’re looking to optimize your Sage 300 ERP system for the tax season, be sure to check out the updated release from Sage Payroll.
