Print this checklist and use it to assist you in completing your Year-end tasks.
PROCESS the last payroll for 2007
BACK UP your payroll data by selecting File > Back Up from the File
menu.
PRINT the following reports for 2007.
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Pay History Detail report for 2007.
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Pay History Summary report for 2007.
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Any other custom reports you need.
INSTALL the new Tax Tables and any related program updates.
Refer to the installation instructions included with the Tax Tables and software updates. Installation is varied depending on your current application. Please remember that most of this this Year-End guide will refer to the latest software version and operating system.
After installing the 2008 tax tables, the Federal and State Deductions in all of your pay history files may be re-titled to 2008. Ignore this! Your pay history records will accurately reflect the pay period you choose from the pop-up menu when doing a pay history inquiry for a previous fiscal year.
PROCESS all relevant federal (e.g., W2, 940, 941) and state payroll reports.
You can generate these reports at any time in 2008 as long as you don't purge your 2007 payroll records. See Form W2 and W3 , Form 1099 and 1096 , and Other Year-End Reports for detailed information.
ARCHIVE Payroll Year.
(Optional) See Backing Up Data .
CLOSE OUT Payroll Year.
See Closing the Year
Social Security 2008 Upper Limits
The Upper Limit for Social Security is $102,000. Medicare has no upper limit.