Manage Local Tax Override By Taxable Entity

Use this screen if you have multiple taxable entities in your database.

The information in this table overrides the Local Taxes table. If you have only one taxable entity, use the Manage Local Taxes screen to set up local income tax withholding.

You can use this screen to set up multiple local records for each taxable entity in your database. You can enter and store local tax identification numbers for each locality that belongs to each taxable entity, and enter and store taxable entity-specific general ledger account numbers for each locality. You can reduce data entry by using the Clone Record feature to copy similar records and updating only those fields that differ from record to record.

You can assign the same locality code to each taxable entity, yet enter a different description for those codes. For example, suppose that you have two taxable entities that each have a locality called East. Suppose that you want the description for the East locality for taxable entity 1 to read: East-District 1, but you want the East locality for taxable entity 2 to read: East-District 5. To do this, you would enter the following for Taxable Entity 1:

• Locality Code: East
• Description: East-District 1
• Taxable Entity: 1

  For Taxable Entity 2, you would enter:

• Locality Code: East
• Description: East-District 5
• Taxable Entity: 2

  Set up this screen before running the first payroll in Costpoint. You can add to or modify this table at any time. However, because it contains control information that is used to calculate local income tax withholding, you must make additions or modifications before running the next payroll. Additions or modifications are necessary when the information in one or more of the tables becomes outdated