This table is used in the calculation of the Advance Earned Income Credit (EIC) to which a given employee is entitled. The Employee Taxes screen in Costpoint Employee has an Advance EIC Filing Status field that indicates that the employee has claimed the credit by filing a W-5 form.
Load the existing tables when the system is initialized, and modify the tables whenever they become outdated per Federal publications. The current tax tables are loaded in Costpoint; you will receive a printed copy of a new Tax Tables in when new tables are created. These tables must be current before your first payroll of the new calendar (payroll) year is processed. To modify information for an Effective Date that already exists, use Query to retrieve the record, and then change the applicable line information. To add information for an Effective Date that does not exist, select the New button on the toolbar and enter the new record.
Enter the date that the table becomes effective. The system format for this field is MM/DD/YYYY. Pay Periods having a pay cycle end date equal to or greater than the Effective Date will use the related table rates.
From this non-editable drop-down box, select the filing status, " Single or Head of Household," "Married without Spouse," and "Married with Both Spouses," that applies to the table for which you are entering data. Separate tables are maintained for each status.
Use this table for the calculation of Advance EIC.
If you have installed the tables supplied by Deltek, you can use Query to select and view the information. If you find additions are needed, select the New Line button on the toolbar. Load the table with the rates that apply to each Filing Status. This table should be very similar to the Advance EIC "annual" method table in your appropriate year Circular E IRS Publication.
This column represents each level of wages before deducting withholding allowances.
This column represents the amount of base credit at each level.
This column represents the rate for the excess of income over the wages in the first column.
This column is similar to Plus % of Wages, except this rate is used to reduce, instead of increase, the credit.
Changes to this screen update the EIC Tax Table (PR_EIC_TAX_TBL).