Payroll Tax Rates

ChanelleChanelle Member Posts: 1

I have noticed that our provincial and federal tax rates for payroll (CPP, EI..etc) have changed for the year 2020. Does Wave automatically update those rates?

Comments

  • BarsinBarsin Administrator Posts: 1,774 admin

    hey @Chanelle

    I see that one of our payroll support specialists got back to about this! I'll copy the message below:

    To address your questions, yes! Wave is currently calculating taxes for 2020 payrolls with up-to-date rates. That being said, Wave is also calculating federal and provincial income taxes based on the TD1 information found in your employee's 'Tax Details' tab.

    It is best practice for business owners to obtain accurate total claim amounts from their employees each year. TD1 information (for both federal and provincial/territorial forms) can be updated in Wave by navigating to Payroll > Employees > Edit Employees > Tax Details.

    I hope this helps clear things up for you, please let me know if you had any questions or if you wanted our team to review a specific employee's payroll calculations.

    Kind regards,

Sign In or Register to comment.