MANAGE LOCAL STANDARD DEDUCTIONS

Use this screen to set up the local standard deduction amounts and rates for each filing status.

Modify the tables whenever they become outdated per local publications. These tables must be current before you process the first payroll of the new calendar (Payroll) Year. To modify information for an Effective Date that already exists, click to retrieve the record, and then modify the applicable line information. To add information for an Effective Date that does not exist, click and enter the new record.

Location

Locality

Enter, or click to select, the code that identifies the locality. Locality codes are validated against Costpoint's Local Taxes table. The locality name displays after the Locality code is selected.

Filing Status

Use this drop-down list to select the filing status that applies to this table. Valid options are:

Local Standard Deductions

Click to enter a new row.

Effective Date

Enter, or click to select, the date on which this standard deduction becomes effective. Pay periods having a pay cycle end date the same as, or later than, the Effective Date use the related table rates. The format for effective date is MM/DD/YYYY.

Standard Deduction %

If your locality allows taxpayers to take a standard deduction based on gross annual income, enter the deduction percent here. This standard deduction is factored into each employee's local withholding. The standard deduction is generally a percentage of annual income with a maximum ceiling and/or a minimum deduction floor. If this locality allows such a standard deduction, enter the appropriate information here.

Minimum

Enter the minimum standard deduction amount.

Maximum

Enter the maximum standard deduction amount.