Missouri Tax
For Missouri residents, you specify the employee's status and exemptions.
Deltek Modification Date - 1/19/18
Enter the following field information for residents of Missouri 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 deduction applied to all employees. The amount of the deduction depends on the employee’s filing status.
Status | Deduction |
---|---|
S | $6,500 |
H | $9,550 |
M | $6,500 |
1 | $13,000 |
Allowance
The allowance is based on the employee’s filing status and the number of allowances claimed in the first Exemptions field.
If the number is | And the status is | Then the amount is |
---|---|---|
0 | S, M, H, or 1 | 0 |
1 or more | 1 |
|
1 or more | S or M |
|
1 or more | H |
|
Federal Income Tax
The federal income tax deduction is the federal income tax withheld. The limits are:
- $5,000 on a single return (Status: S, M, H)
- $10,000 on a combined return (Status: 1)
How Vision Calculates Tax
To calculate an employee's Missouri State tax, Vision does the following:
- Multiplies the employee's gross pay per pay period by the number of pay periods in a year to determine annualized gross wages.
- Subtracts the employee's standard deduction, allowance, federal income tax withholdings, and any 401(k) and 125/Cafeteria plan contributions from the employee's annualized gross wages to determine the taxable income.
- Calculates the net income tax by applying Tax Calculation Method 1 to the taxable income.
- 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. Vision then rounds the withheld amount to the nearest dollar.