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We have just released an updated version of the Payroll Calculator Pro with 2018 Federal Tax Tables. It is available to both new and current customers. Existing customers can return to the download page to get updated version (no new purchase necessary).
The delay with release of the new Federal Tax Tables for 2018, followed by delays with release of State Tax Tables by some states, caused a real chaos with Payroll Calculations.
In the last few weeks, I’ve been receiving hundreds of emails from the existing customers, with enquiries about updated Payroll Calculator Pro and whether we intend to keep releasing updates at all, and if so when?
To put your mind at ease, I have decided to write this article to address all the questions and provide some helpful tips, which should help you to continue using our Payroll Calculator Pro and utilise all of the features of this powerful spreadsheet.
The most frequent question I get from our customers is how to address issues with changes in employees’ pay, such as pay raise, bonus payments and reimbursements. Other less frequent questions are mostly related to the reporting capabilities that this spreadsheet provides, as well as annual updates of the Federal and State Tax Tables.
Payroll Calculator Updates and Upgrades.
The general goal is to keep our Payroll Calculator Pro always updated, but there are several factors, which are simply beyond our control, as such, any delays with release of updates, particularly updates related to Federal Tax Tables and/or State Tax Tables sometimes could be delayed.
Employee has a Pay Raise
Addressing your employee pay raise during the fiscal year might seem like a big problem, as any changes made to employee hourly rate are reflected in the Year to Date (YTD) report and will affect all existing entries.
So how can we keep all existing entries unaffected? This is actually pretty simple, since the only goal is to keep the actual records (values) calculated by formulas, which have already performed all necessary calculations based on the existing employee hourly pay.
Prior to making any changes, I strongly recommend creating a backup copy of the spreadsheet in case you need to revert to the original.
Prior to making changes to the employee hourly rate, you would need to copy (Ctrl + C keyboard shortcut) the entire existing records in YTD, then paste special values. There are more than one way to paste values after you have copied your data, but the result will essentially be the same.
Method 1: Select data that needs to be copied and click the Copy icon in the ribbon, then click on the arrow below the Paste Icon and select Values (V) under the Paste Values.
Method 2: The alternative method is to right-click your mouse, then select Paste Special > Paste Values > Values (V) in the context menu.
Method 3: At last, you can use the following shortcut Ctrl + Alt + V to open Paste Special dialog, then select Values (or press V on your keyboard) and press OK (or hit Enter on your keyboard).
Either one of these methods will yield the same results, so you can pick and choose the method you prefer to use. Make sure to check cells that previously contained formulas to ensure that you have done everything correctly.
The same principles can be applied to situations where you need to make changes to employee circumstances, such as changes in employee filing status, changes in pay frequency or changes in Federal or State Allowances.
Bonus Payments and Reimbursements
Bonus payments and taxable reimbursements can usually occur less frequently, which is why these payments cannot be recorded as percentages or set amounts unlike other consistent payments or deductions on the Employee Register worksheet.
You can add these payments directly in the column labelled Taxable Compensations available on the Payroll Calculator worksheet at the time of calculation of the payroll. Current version of the Payroll Calculator Pro can only accept Taxable Compensations, which are then added to the employee Gross Pay and are subject to Federal and State Taxation.
We are currently working on the new version of the Payroll Calculator Pro, which will include support for Non-Taxable Compensations, such as reimbursements.
There are several different types of non-taxable deductions, such as 401(k) contributions, Federal Allowances and State Allowances (for some states), which usually are somewhat consistent, but can also be altered time-to-time, due to the fact that your employee may decide to contribute more towards his/her 401(k) or, for example, change his/her Tax Filing status or if there was an increase or decrease in the number of the Federal Allowance and/or State Tax Allowance. All this changes can be easily addressed, similarly to changes with employees hourly pay described above in this article.
Additionally, Payroll Calculator will allow you to include any less consistent Non-Taxable Deduction that can occasionally occur. These deductions can be entered directly in the column labelled Non-Taxable Deduction on the Payroll Calculator worksheet and will be deducted from the Federal Taxable Gross or State Taxable Gross (where applicable) prior to the tax deduction.
Payroll Calculator Update and New Features
We are already working on the new version of the Payroll Calculator Pro, which will include several new features as requested by the existing customers:
- Non-Taxable Compensation (reimbursements, such as travel expenses or similar)
- IRS Report (will include possibility to view payments made to IRS for each employee individually for selected dates)
- IRS Payment Form (should help you to keep records of payments made to IRS)
The planned release date of the Payroll Calculator Pro – Beta is March 31, 2018, which will be available for download to all of our existing customers first. If you are interested in trying the Beta Release, you must first purchase our Payroll Calculator Pro and keep the record of your Order Number from your ClickBank receipt.
To get notifications about news and updates or become the first to know about our Beta releases, you can subscribe to our newsletter here.
If you are interested in any other features currently not mentioned here, please me know in the comments below.