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Announcements
ahutton
Level 1
posted
‎November 17, 2023 02:12 PM
last updated ‎November 17, 2023 11:12 AM

CPP2 Deduction

Just learned about this new mandatory deduction starting in 2024, does anyone know how this will show up and if it will be included in the next tax table update next month?

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3 Comments 3
Trish_T
QuickBooks Team
QuickBooks Team
‎November 17, 2023 03:51 PM

CPP2 Deduction

Hi ahutton,

 

Welcome to Community!  QuickBooks Desktop is a dynamic program that provides the latest updates based on government guidelines.  I'd be happy to provide some insight here!

 

As you are aware, you must deduct the second additional CPP contributions (CPP2) on earnings above the annual maximum pensionable earnings.  You'll notice the changes when you update your QuickBooks product to the latest release.  To learn more about the maximum pensionable earnings and contributions for 2024, click here.

 

If you have any other questions, please reach back out.  We would be glad to help!

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Cherbear
Level 1
‎December 12, 2023 04:43 PM

CPP2 Deduction

Is there a release date for the 2024 payroll tax tables yet?

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Amanda-B
QuickBooks Team
QuickBooks Team
‎December 12, 2023 06:54 PM

CPP2 Deduction

Hello there, Cherbear.  

 

I have responded to your first post about the Payroll tax updates. You can view my response by clicking here.

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