56420

What ramifications, if any, would there be if the first payroll in the new year was run before installing the year end update?

Resolution:

• The Federal and State withholding amounts may be a little off due to the differences in the prior year tax rates and the new year's tax rates. 
• IMPORTANT NOTE:  The system will NOT calculate or record any taxable wages for FICA - OASDI (Social Security). Calculating the FICA-OASDI tax manually and updating a payroll record will still NOT calculate any taxable wages for that payroll if the year-end cumulative update has not been installed.  It is highly recommended that the latest cumulative update to Vision (typically in December) is installed before doing the first payroll of the new year.