MCTMT Tax Change
Total Views: 19
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?
Solved!
Helpful Answer
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.
Answer
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%.
Answer
You need to edit the payroll item for the MCTMT. Do you know where that is under the employee center?
Comment
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!
Solved!
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.
Comment
It is taking the wrong amount out. Does anyone know how to correct the percentage in Quickbooks going forward?