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Colorado Withholding Tax Change
Article ID: 1012344
Overview
The Colorado Department of Revenue released new withholding tables that reflect an increase to the Allowance Table as well as the Percentage Withholding Tables for Single and Married persons. These changes are effective January 1, 2009. Details are provided in Publication DR 1098, Colorado Income Tax Withholding Tables For Employers (Rev. 01/28/09). Intuit QuickBooks Payroll is releasing Payroll Update 20913 to comply with these changes.
Information
Frequently Asked Questions
How do I know if I?m affected?
You may be affected if you currently withhold Colorado income taxes from employees and make withholding tax payments in the State of Colorado or if you currently have a valid Colorado Account No.
You may be affected if you currently withhold Colorado income taxes from employees and make withholding tax payments in the State of Colorado or if you currently have a valid Colorado Account No.
When is the new percentage withholding tables effective?
The Colorado percentage withholding tables are effective January 1, 2009.
When will the new percentage withholding tables be available in QuickBooks?
The new percentage withholding tables will be available in Payroll Update 20913, scheduled for release in mid-May 2009.
Do I have to adjust withholding taxes calculated before I install Payroll Update 20913?
You do not need to make any adjustments to withholding taxes that were calculated using the prior withholding tables.
What do I need to do?
You will need to download and install Payroll Update 20913 as soon as it is released so the correct amount of Colorado withholding taxes are calculated and withheld from employee paychecks going forward. If you have Automatic Updates turned on and have selected all updates to download automatically, your QuickBooks software will download and install the update for you. If you do not have Automatic Updates turned on, you can download this payroll update manually. For more information on how to download and install a Payroll Update, click here.
What if I subscribe to the Disk Delivery service? When will I receive the CD for Payroll Update 20913?
The next Disk Delivery is scheduled for June 2009. If you have internet access, you may want to download Payroll Update 20913. For more information on how to download and install a Payroll Update, click here.
