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MCTMT Tax Change

11/3/09 11:59 AM,   Viewed by asker 11/4/09 5:35 AM
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We had updated our Quickbooks to reflect the new NY MetropolitanCommuter transportation Mobility Tax (MCTMT) via automatic updating, and I believe it is taking the wrong amount out. How can I check that it is indeed taking .34% not another amount?

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11/3/09 2:58 PM

Each paycheck should have an amount for that paycheck and the accumulated amount through that date. For the company summary, you can change the date to show the amounts withheld for all paychecks on that date.

As it gets closer to tax season, I wish I had some hair to pull out.
 
 
 
 
 
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11/3/09 12:34 PM

Go to one of the paychecks. Edit it. Look at the MCTMT amount and divide it by the gross wages. For example, if the tax withheld is $3.40, and the wages are $1,000, then the calculation is 0.34%.

As it gets closer to tax season, I wish I had some hair to pull out.
 
 
 
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11/3/09 12:39 PM

It is taking the wrong amount out.  Does anyone know how to  correct the percentage  in Quickbooks going forward?

 
 
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11/3/09 2:01 PM

You need to edit the payroll item for the MCTMT. Do you know where that is under the employee center?

As it gets closer to tax season, I wish I had some hair to pull out.
 
 
 
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11/3/09 2:09 PM

Yes, I found it (I am new to QB). It is taking the correct percentage.  I think that it is probably showing a running tally on the company summary each pay period.  I am going to check it again next period to be sure that is the case.  Thank you for your help!

 
 
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Solved!

11/3/09 2:58 PM

Each paycheck should have an amount for that paycheck and the accumulated amount through that date. For the company summary, you can change the date to show the amounts withheld for all paychecks on that date.

As it gets closer to tax season, I wish I had some hair to pull out.
 
 
 
 
 
 
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