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payroll:tables:taxdeductions:incometax

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payroll:tables:taxdeductions:incometax [2020/03/31 21:05] – created emorenopayroll:tables:taxdeductions:incometax [2023/04/17 16:08] (current) – emoreno
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 <div #message></div> <div #message></div>
  
-//**Human Resources > Tables > Tax/Deductions > Income Tax**//+//**Payroll > Tables > Tax/Deductions > Income Tax**//
  
  
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 <WRAP round intro>This tab is used to establish reference tables the system uses to calculate the proper amount to withhold for federal income tax. Prior to the calendar year 2020, the tables provide tax rates for specific salary ranges according to payroll frequency. For calendar years that are greater than 2020, all tax rates are annualized. You must create these tables using the values from the IRS Publication 15, Circular E. Refer to this publication annually to ensure that the most current values are used for the tables (go to https://www.irs.gov/forms-instructions to obtain a copy of this publication). <WRAP round intro>This tab is used to establish reference tables the system uses to calculate the proper amount to withhold for federal income tax. Prior to the calendar year 2020, the tables provide tax rates for specific salary ranges according to payroll frequency. For calendar years that are greater than 2020, all tax rates are annualized. You must create these tables using the values from the IRS Publication 15, Circular E. Refer to this publication annually to ensure that the most current values are used for the tables (go to https://www.irs.gov/forms-instructions to obtain a copy of this publication).
  
-**Note**: At the beginning of each calendar year, the TCC provides a flat text file containing the new calendar year tax tables. This file is accessible to the local ESC consultants via the FTP site. **It is recommended** that the LEA's use the provided file to import the tax data. Additionally, the import relieves the task of having to manually set up the tax table data.+**Note**: At the beginning of each calendar year, the TCC provides a flat text file containing the new calendar year tax tables. This file is accessible to the local ESC consultants via the FTP site. **It is recommended** that the LEAs use the provided file to import the tax data. Additionally, the import relieves the task of having to manually set up the tax table data.
 </WRAP> </WRAP>
  
  
 ====Set up income tax data:==== ====Set up income tax data:====
 +
 +^ Field                                        ^ Description   ^  /*Table with two rows*/
 +^Calendar Year|The current calendar year is displayed in the YYYY format. Verify that you are in the correct calendar year. If not, type the four-digit calendar year and click **Retrieve** to retrieve the applicable records for that year.|
  
  
 ^Allowance amount|Type the allowance amount.| ^Allowance amount|Type the allowance amount.|
 ^Credit amount for qualifying children under age 17|Type the credit amount for qualifying children under the age of 17. |  ^Credit amount for qualifying children under age 17|Type the credit amount for qualifying children under the age of 17. | 
-^Credit amount for other dependents|Type the credit amount for any other dependants in the household.|+^Credit amount for other dependents|Type the credit amount for any other dependents in the household.|
  
 The tax table is populated based on the Withholding selections. The table displays the rates that correspond to the selections and allows the LEA to make any necessary changes and/or additions. The tax table is populated based on the Withholding selections. The table displays the rates that correspond to the selections and allows the LEA to make any necessary changes and/or additions.
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 </WRAP> </WRAP>
  
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 VCV Under **Withholding Rate Schedule**, select one of the following: VCV Under **Withholding Rate Schedule**, select one of the following:
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   * **Head of household**   * **Head of household**
  
-Click **+Add** to add a row. +VCV Click **+Add** to add a row. 
  
 ^ Field                                        ^ Description   ^  /*Table with two rows*/ ^ Field                                        ^ Description   ^  /*Table with two rows*/
 ^At least|Type the base amount of the salary range. This is a whole dollar amount.| ^At least|Type the base amount of the salary range. This is a whole dollar amount.|
  
-Press TAB. The **But less than** field is populated.+VCV Press TAB. The **But less than** field is populated.
  
-Complete the following fields:+VCV Complete the following fields:
  
 ^The tentative amount to withhold is|   ^The tentative amount to withhold is|  
 ^Plus this percentage| ^Plus this percentage|
  
-Click **Refresh Details** to populate the **of the amount that the Adjusted Annual Wage exceeds** field.+VCV Click **Refresh Details** to populate the **of the amount that the Adjusted Annual Wage exceeds** field.
  
  
-Click **Save**.+VCV Click **Save**.
  
  
 ====Other functions and features:==== ====Other functions and features:====
  
-^Retrieve |++Retrieve data.|{{page>general:retrieve}}++| +^Retrieve |{{page>general:retrieve}}| 
-^Delete|++Delete tax tables.|{{page>general:deletetaxtables}}++| +^Delete|{{page>general:deletetaxtables}}| 
-^Print|++Print the tax table data.|{{page>general:print_tax_tables}}++| +^Print|{{page>general:print_tax_tables}}| 
-^{{:images:trash_delete.gif?15|Trashcan Icon}} |++Delete a row.|{{page>general:deletearow}}++|+^{{:images:trash_delete.gif|Trashcan Icon}} |{{page>general:deletearow}}|
  
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payroll/tables/taxdeductions/incometax.1585688753.txt.gz · Last modified: 2020/03/31 16:05 (external edit)

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