Costpoint Online Help

Using the Help Search
Using the Help Search
  • Phrase:Returns all topics that contain the exact phrase in the search criteria. Use quotation marks around the phrase.
    Ex."system administration"
  • And:Returns all topics that contain all the words in the search criteria, in any combination. Insert a plus sign between all words in the search criteria.
    Ex.system + administration
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    Ex.system administration
For more information:Searching Online Help

Deductions Worksheet Tab

Use this worksheet to calculate an estimate of your deductions.

1. Enter an estimate of your itemized deductions (from Schedule A (Form 1040)). Such deductions may include qualifying home mortgage interest, charitable contributions, state and local taxes (up to $10,000), and medical expenses in excess of 7.5% of your income.

Enter an estimate of your itemized deductions.

2. Enter:

These non-editable fields automatically display the deduction amount depending on the employee's filing status. The deduction amounts come from the Manage Federal Taxes screen.

Field Description
if you're married filing jointly or qualifying widow(er) This field displays the latest deduction amount for the Married filing status.
if you're head of household This field displays the latest deduction amount for the Head of Household filing status.
if you're single or married filing separately This field displays the latest deduction amount for Single filing status.

3. If line 1 is greater than 2, subtract line 2 from line 1. If line 2 is greater than line 1, enter "0".

The field in this section automatically calculates and displays a value based on the line 3 instructions.

4. Enter an estimate of your student loan interest, IRA contributions, and certain other adjustments (from Part II of Schedule 1 (Form 1040)). See Pub 505 for more information.

Enter an estimate of your student loan interest, IRA contributions, and certain other adjustments (from Part II of Schedule 1 (Form 1040)) in the provided field.

5. Add lines 3 and 4. Enter the result here and on line 4b of Form W-4.

The field in this section displays the sum of lines 3 and 4. The result will be entered on line 4b of Form W-4. The result will be automatically displayed in 4b of Federal Withholding tab.

Field Description
Calculate Click this button to compute to figure your deductions and populate the corresponding fields on Form W-4.