How to create Annual Tax Tables
Description of Issue
How do I change my biweekly and weekly tables to Annual tables for the 2020 tax tables?
Context
- Munis
- Deduction and Benefit Master
- Payroll Control Settings
- Tax Tables
Cause
IRS provided only Annual Tax tables for Automated Payroll Systems for 2020
Resolution
- Go to Tax Tables program. (Payroll>Payroll Setup>Income Tax Setup>Tax Tables)
- Define Federal Tax Table as usual, define the effective date for the new year (example, 01/01/2020), State code XX-Like Federal, define Marital Status, and Pay Period field as A-Annual.
- Click on Tax Table in the menu to define amounts for the standard withholding schedule. Click Return.
- Click Calc. Click W-4 Step 2 to define amounts for the W-4 Step 2 withholding schedule.
- From the Calc screen the Tax Table option also takes you to the standard withholding schedule.
Once the Tax Tables have been created:
- Go to Deduction and Benefit Master. (Payroll>Payroll Setup>Deduction and Benefit Master)
- Search for federal deduction(s). Click Accept.
- Click Update and enable the setting for Annual Tax Table.
If you wish to enable ALL tax tables to Annual:
- Go to Payroll Control Settings. (Payroll>Payroll Setup Payroll Control Settings)
- Scroll to the GENERAL Category and locate and double-click the setting labeled USE ANNUAL TAX TABLES
- Click Update and enter the value N then click Accept
Additional Information