MANAGE ADVANCE EARNED INCOME CREDIT TABLES

This table is used in the calculation of the Advance Earned Income Credit (EIC) to which a given employee is entitled. The Filing Status field in the AEIC group box on the Manage Employee Taxes screen indicates whether the employee has claimed the credit by filing a W-5 form.

Load the existing tables when Costpoint is initialized, and modify the tables whenever they become outdated per Federal publications. The current tax tables are loaded in Costpoint; you receive a printed copy of a new Tax Tables when 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, click to retrieve the record, and then change the applicable line information. To add information for an Effective Date that does not exist, click and enter the new record.

Location

Identification

Effective Date

Enter, or click to select, the date on which the table becomes effective. The format for this field is MM/DD/YYYY. Pay Periods having a pay cycle end date equal to or greater than the Effective Date use the related table rates.

Filing Status

Use this drop-down list to select the filing status that applies to the table for which you are entering data:

Separate tables are maintained for each status.

Advanced Earned Income Credit and Nonresident Alien Table

If you have installed the tables supplied by Deltek, you can click to select and view the information. If additions are needed, click . Load the table with the rates that apply to each Filing Status. This table is very similar to the Advance Earned Income Credit annual method table in your appropriate year Circular E IRS Publication.

For Taxable Income Over

This column displays each level of wages before deducting withholding allowances.

Base Credit/Tax

This column displays the amount of base credit at each level.

Plus % of Wages

This column displays the rate for the excess of income over the wages in the first column.

Less % of Wages

This column is similar to Plus % of Wages, except this rate is used to reduce, instead of increase, the credit.