Mississippi Tax
For Mississippi residents, you specify the employee's status and exemptions.
Deltek Modification Date - 1/19/18
Enter the following field information for residents of Mississippi on the Withholding grid on the Payroll tab of the Employee Info Center:
Automatically Calculated Variables
Vision automatically computes the following variables:
Standard Deduction
The Standard Deduction is a variable amount deduction applied to all employees. The amount of the deduction depends on the employee’s filing status.
Status | Deduction |
---|---|
S | $2,300 |
M | $2,300 |
H | $3,400 |
1 | $4,600 |
Allowance
The Allowance depends on the amount of the personal exemption claimed in the first Exemptions field and the number of dependents claimed in the Other Exemptions field. The Allowance is determined by the following formula:
Amount of Personal Exemptions (see table) + ($1,500 * number of Other Exemptions)
If the number is | And the status is | Then the amount is |
---|---|---|
0 | S, M, H, or 1 | 0 |
1 or more | S | $6,000 |
1 or more | H | $9,500 |
1 or more | M or 1 | $12,000 |
How Vision Calculates Tax
To calculate an employee's Mississippi State tax, Vision does the following:
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Multiplies the employee's gross pay per pay period by the number of pay periods in a year to determine annualized gross wages.
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Subtracts the employee's Standard Deduction, Allowance, and 401(k) and 125/Cafeteria Plan contributions from the employee's annualized gross wages to determine taxable income.
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Calculates the net income tax by applying Tax Calculation Method 1 to the taxable income.
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Divides the net income tax by the number of pay periods in a year to determine the amount to be withheld for the pay period.