Use this screen to establish and maintain the Federal Income Tax Withholding Tax Rates that will be used to withhold Federal Income Taxes from the employees' paychecks.
Load the existing tables when the system is initialized, and modify the tables whenever they become outdated, per Federal publications and the Tax Tables updates. (The current tax tables are loaded in Costpoint. You will receive copies of the new Tax Tables semi-annually in February and August when the 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 data. 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 tax becomes effective. The system format for this field is MM/DD/YYYY. Pay Periods having a Pay Cycle End Date the same as, or later than, the Effective Date will use the related tax table rates.
From this drop-down box, select the Filing Status that applies, "Married" or "Single." Separate tables are maintained for each filing status.
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 "annual" method table in your appropriate year Circular E IRS Publication.
This column represents each level of taxable income.
This column represents the amount of base tax at each level.
This column represents the tax rate for the excess of income over the taxable income in the first column.
Changes to this screen update the Federal Tax Table (PR_FED_TAX_TBL).