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Help! Tax Table Trouble
Posted: Fri Jan 06, 2017 2:42 pm
by onemore4gsus
I entered the 2017 Table 3 Figures for our semimonthly payroll. (And double checked it for accuracy.) As I entered the new payroll data for Employee #1, the figure that Power Church deduced for Federal deduction was more than twice what I had anticipated using the Wage Bracket Method Table. I did double check the employee's record in Power Church to make sure his single deduction was in there.
Power Church figures Fed tax on $1300 at $383
Wage Bracket Table with 1 deduction figures Fed tax on $1300 at $137
That is a $246 PER PAYCHECK difference.
What am I doing wrong?
Re: Tax Table Trouble
Posted: Fri Jan 06, 2017 2:45 pm
by onemore4gsus
BTW, I'm hanging out here in hopes that I can get an answer this afternoon and continue entering 2017 payroll data.
Re: Help! Tax Table Trouble
Posted: Fri Jan 06, 2017 3:17 pm
by NeilZ
onemore4gsus wrote:I entered the 2017 Table 3 Figures for our semimonthly payroll. (And double checked it for accuracy.) As I entered the new payroll data for Employee #1, the figure that Power Church deduced for Federal deduction was more than twice what I had anticipated using the Wage Bracket Method Table. I did double check the employee's record in Power Church to make sure his single deduction was in there.
Power Church figures Fed tax on $1300 at $383
Wage Bracket Table with 1 deduction figures Fed tax on $1300 at $137
That is a $246 PER PAYCHECK difference.
What am I doing wrong?
You're not reading the manual nor the sticky article at the top of the Accounting Forum ... you enter the ANNUAL rates in the Married and the Single tables, the system will do the rest.
Please review this topic:
https://www.powerchurch.com/forum/viewt ... =3&t=12338
To paraphrase Obi-Wan Kenobi: Trust the program ...
Re: Help! Tax Table Trouble
Posted: Fri Jan 06, 2017 3:19 pm
by onemore4gsus
I entered the annual rates from Pub 15, Page 45, Table 3 on the "Tax Table Rate" tab in Power Church.
I read the post you are referring to.
What am I missing?
Re: Help! Tax Table Trouble
Posted: Fri Jan 06, 2017 3:24 pm
by onemore4gsus
I get it now. It's TABLE 7 from Pub 15, Page 46, that I need to enter.
I hope maybe my mistake will help someone else....
~Lynn
Re: Help! Tax Table Trouble
Posted: Fri Jan 06, 2017 3:30 pm
by NeilZ
onemore4gsus wrote:I get it now. It's TABLE 7 from Pub 15, Page 46, that I need to enter.
I hope maybe my mistake will help someone else....
~Lynn
Yes the ANNUAL payroll period table, this is emphasized in the manual, and in the Knowledge Base article I referenced in the sticky post. You were entering the SEMIMONTHLY table.
The program uses the Annual table to properly calculate the taxes no matter what your local pay periods are, weekly, twice a month or monthly.