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How to calculate Vermont state income tax
How to calculate Vermont state income tax
Description of Issue
How does Munis calculate Vermont state income tax?
Context
- Munis
- Tax Tables
Cause
Resolution
Vermont State Income Tax in the Deduction and Benefit Master is set up for a Tax Table Type of 01 - LIKE FEDERAL and to use annual tax table. Munis will perform the following calculation:
- From within Earnings and Deductions, search for the employee, click the Withholding tab, click the State Tax deduction (4000) Click Accept.
- Note the amount in the Deduction Gross field.
- Go into Employee Job/Salary (Payroll>Employee Maintenance>Employee Job/Salary)
- Search for the employee. On the employee's base pay, note the amounts next to the Num Pays (number of pays) field.
- Multiply the Deduction Gross by the employee’s number of pays.
- Open Tax Tables: Payroll > Payroll Setup > Income Tax Setup > Tax Tables, search on the employee's applicable tax table.
- select Calc in the menu.
- Subtract 4,300 for each dependent/exemptions the employee claims.
- Click Tax Table.
- Using the new total, find what level this taxable wage falls in.
- Subtract the Over amount.
- Multiply the total by the (+/-)% field.
- Add the (+/-) amount.
- Divide by the number of pays.
Additional Information
, multiple selections available,
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