2020 Tax Table

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whfpc
Posts: 135
Joined: Tue Aug 15, 2017 11:32 am

2020 Tax Table

Post by whfpc »

Do we leave the withholding allowance (currently $4,300 for 2019 and prior) blank when entering the new 2020 W-4 tax table? I have read and re-read everything I can find on it and I can't see where it says specifics on that.

Also, I set up completely new tables for the 2019 and prior rates not realizing I only needed to update the current ones and change the name. When I input the new 2020 W-4 step 2, checkbox is it ok to update my old tables with this information? I have changed all employee's to the newly created tables.

Using PC 12.5

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: 2020 Tax Table

Post by NeilZ »

whfpc wrote:Do we leave the withholding allowance (currently $4,300 for 2019 and prior) blank when entering the new 2020 W-4 tax table? I have read and re-read everything I can find on it and I can't see where it says specifics on that.

Also, I set up completely new tables for the 2019 and prior rates not realizing I only needed to update the current ones and change the name. When I input the new 2020 W-4 step 2, checkbox is it ok to update my old tables with this information? I have changed all employee's to the newly created tables.

Using PC 12.5
A few things:

1. You do not need to have your employees create a new W-4 for 2020 unless they want to change the amount of withholding. If they are fine with the 2019 and earlier amounts - LEAVE IT ALONE. Much easier for you and the employee. If they have NOT created a new 2020 W-4 you should NOT be using the new tables for any of these people.

2. You should create the new tables as described in the Knowledgebase articles for setup to have them ready in case you have new employees, or one of your old ones needs to make an adjustment. As far as the withholding amount, it clearly states on the table that it only applies to employees whose 2019 (or prior) W-4s are still valid for them. You do not need to enter that for the new 2020 W-4 tables.
Neil Zampella

Using PC+ since 1999.

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