|
For more about Goldenseal payroll accounting software, click here.
For more about US Federal withholding in the Goldenseal payroll software, click here.
To download free updates for Oklahoma and federal payroll tax tables, click here.
Oklahoma has state income tax withholding, using a rather complicate set of formulas. Rates did
not change in 2005 (they have changed in 8 of the past 15 years).
HINT-- Turtle Creek Software provides free annual updates for
US federal and Oklahoma tax withholding rates.
Oklahoma State Withholding Instructions
To choose the correct tax package, you will need to calculate a deduction for each employee. The
procedure for this is as follows:
- Multiply the number of federal exemptions claimed by the employee by the federal
exemption amount.
- Add the amount from step 1 to the employee’s federal standard deduction amount.
- Compare this number to the employee’s
predicted annual wages.
If the sum of steps 1 and 2 is smaller than estimated annual wages, multiply this sum by 0.15 and
enter the result as
a negative amount in the “State Withhold” field in the Employee Account. Enter the regular state Tax Package
into the Tax package field.
If the sum of steps 1 and 2 is greater than the employee’s estimated annual wages, leave
the "State Withhold" field
blank in the Employee account, and enter the “No Special Deduction” tax package into the Tax Package field. To enter withholding information for an employee, follow these steps:
- Choose Employees from the Accounts menu.
- Locate the employee record.
- Enter the employee's marital status into the Marital Status field (see note below).
- Enter the number of federal
dependents into the Federal Exemptions field.
- Enter the number of dependents into
the State Exemptions field.
Oklahoma Unemployment Tax Instructions
In 2005, Oklahoma state unemployment insurance tax is based on the first $13,800 in wages for each
employee. The starting rate for a new employer is 1.2%. After the first year the rate is based on the employer's
experience rating-- the tax can be anywhere between 0.2% and 8.3%.
To enter your Oklahoma SUTA tax rate into the Goldenseal payroll software, follow these steps:
- Choose Payroll Setup from the Costs menu,
and choose Tax Items from the submenu.
- You'll see a list of Tax Items. Locate the Oklahoma SUTA tax in
the list, and double-click on it. HINT: If you don't see SUTA in the list, you'll need
to import the Oklahoma payroll info first.
- Enter the percentage rate that you pay into the percentage field to the right of Calculation
method.
- If the cutoff amount has changed, enter it into the dollar field to the right of First Adjustment.
Marital Status
Use the following to determine the value for the Marital Status popup menu in each Employee account:
- Single- single employee with one personal exemption
- Married- married employee with two personal exemptions
- Dual Income- married employee with one personal
exemption
- Head of House- employee claims Head of Family status
- Other- not used
Contacts
Payroll Tax Office-- 405 521-3160
SUTA-- 405 557-7138
Worker's Comp-- 405 552-5414
Oklahoma Tax Commission
Income Tax Div.
2501 Lincoln Blvd
Oklahoma City OK 73194-0009
Official State Lawn Ornament
Oil derrick.
Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | District
of Columbia | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New
Hampshire | New Jersey | New Mexico | New
York | North Carolina | North Dakota | Ohio
| Oregon | Pennsylvania | Rhode
Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington
State | West Virginia | Wisconsin | Wyoming
|
