State Withholding Tax Table Maintenance

State Withholding Tax Table Maintenance - Vermont (W/Hx03)

Use State Withholding Tax Table Maintenance - Vermont to maintain tax information for employees who must pay taxes to the state of Vermont who are married or single.

Tips:

You must set up this tax table if you facility is located in Vermont or if you have any employees located in Vermont.
Vermont state tax tables include the following Table IDs:
W/HM03: Married
W/HS03: Single
Normally, you must update the tax tables with applicable rate changes once each year - after generating W-2s and before running the first payroll of the calendar year.
For a list of tax tables for other states, see the State Withholding Tax Table Maintenance Overview (W/Hxnn & CTnnn).

Directions:

To open:

1. Click Payroll from the Menu.

2. Click Miscellaneous File Maintenance.

3. Click Table FM.

4. Click Numeric Tables.

5. Click State Withholding Tax.

Tip: Or, use the keyboard shortcut: [ALT] [p] [m] [n] [w].

6. The tax table for your facility's State Code displays.
Tip: If your facility is not in Vermont, click 3 - Vermont in the drop-down list at the bottom of the screen.

State Withholding Tax - Vermont Married - Table Maintenance Window Example:

Note: The tax limits and rates in the following table are only an example. Actual tax withholding information is published annually.

State Withholding Tax - Vermont Single - Table Maintenance Window Example:

Note: The tax limits and rates in the following table are only an example. Actual tax withholding information is published annually.

State Withholding Tax Table Maintenance - Vermont Prompts
State Code	To display the tax table maintenance window for a different state, click the State Code in the drop-down list. (predefined)
Table ID	To specify whether you want to maintain the tax table for married or single taxpayers, click one of the following options in the drop-down list and click Retrieve, or press [ENTER].: Married: Maintain the withholding information for married taxpayers in the W/HM03 table. Single: Maintain the withholding information for single taxpayers in the W/HS03 table. Tip: Vermont maintenance is for a multiple tables, each table containing a single record.
Dependent Exemption	Enter the State Dependent Exemption amount. (numeric 6.2)
Gross Income Levels Over	For Gross Income Levels, enter the Over amount, which is the earnings cutoff amount used to determine the Base Amount to Withhold. (6.2 numeric) Tax Calculation Example - Vermont Single Taxpayer: If a single person's annual gross wage is $40,350.00... Less exemption for one child = $3,300.00 Taxable Income = $40,350.00 - $3,300.00 = $37,050.00 Gross Income Level = 2 (see table) State Gross Income Over Amount = $32,240.00 State Base Amount to Withhold = $1,065.24 State Plus % of Excess Over Rate = 7.20% $37,050.00 - $32,240.00 = $4,810.00 Excess Taxable Amount Excess Taxable Amount $481.00 X % of Excess Over Rate 7.20% = Excess W/H Amount $346.32 Annual State Tax Withholding Amount = $1,065.24 + $346.32 = $1,411.56 Notes: To determine the withholding amount for the paycheck, divide the annual withholding amount by the number of pay periods in the year. This example is meant to illustrate how the tax table fields are used. Actual tax rates, limits, and calculations may vary from this example according to current state formulas.
Gross Income Levels Base	For Gross Income Levels, enter the State Base Amount to Withhold, which is the flat tax amount to withhold based on the Gross Income Level Over Amount. (6.2 numeric)
Gross Income Levels +% Over	For Gross Income Levels, enter the State Plus % of Excess Over Rate, which is the percentage used to calculate the excess withholding amount based on the Excess Taxable Amount. (6.2 numeric)
	To update the changed information, click Save or press [ENTER]. Keyboard shortcut: [ALT + s]
	CAUTION: To avoid losing data, you must save changed information.
Editing a State Table	1. To display the record to be changed, click Married or Single in the Table ID drop-down list. Then, click Retrieve , or press [ENTER]. Keyboard shortcut: [ALT + t] 2. Position the pointer to the information that you want to change. 3. Enter the data changes. 4. To complete the edit process, click Save , or press [ENTER]. Keyboard shortcut: [ALT + s]