| 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 Colorado and federal payroll tax tables, click here. Note that
Turtle
Creek Software provides free federal and state withholding tax table updates around the first of each year.
Colorado has state income tax withholding, using the usual "stepped" payroll tax tables
that are similar to the federal withholding tables. Withholding formulas did not change in 2005. They last changed
in 2001 (and have changed four times in the past 15 years).
Colorado State Withholding Instructions
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 Colorado state dependents
into the State Exemptions field.
Colorado Unemployment Tax Instructions
Colorado Unemployment Insurance tax is based on the first $10,000 of annual wages for each employee
(2005 rate). The starting rate is 2.52% for new businesses, with a higher starting rate for construction companies.
After the first year, the Colorado SUTA tax rate is calculated, based on your past payroll totals and unemployment
claims filed by your employees.
To enter your Colorado 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 Colorado
SUTA tax in the list, and double-click on it. HINT: If you don't see Colorado SUTA in the list,
you'll need to
import the Colorado tax tables 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-- 303 232-2416
SUTA rate info-- 303 837-3819
Worker's Comp-- 303 764-2929
Colorado Department of Revenue
404 Capitol Annex 1375 Sherman St Denver CO 80261
Official State Lawn Ornament
Pink plastic Pike's Peak.
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