IMPORTANT: The figures and tables below are general figures based on presupposed average filing situations. Infor will not guarantee these figures as up to date nor correct for your specific use cases, i.e., the below data is not vetted as appropriate for all users nor all use cases and you should vet the values provided with your accountants and W4 employee situations, changing the values as advised by your accountant for your specific circumstances.
Source docs (retrieved on 12/20/2022):
https://www.irs.gov/pub/irs-pdf/p15.pdf
https://www.irs.gov/pub/irs-pdf/p15t.pdf
Deduction Code F/M: FICA
Max Contribution/YR for BOTH company match and employee should be set to 999999.99.
Tax Table F/M: FCA: SS and Medicare
Bracket 1: 7.65%, base 0, limit 160200
Bracket 2: 1.45%, base 12255.30, limit 200000
Bracket 3: 2.35%, base 12832.40, limit 9999999
Employer Adjust: -.9% Bracket 3
Note that the employer adjust is a negative amount, and the bracket is the first bracket to apply the adjustment to.
Please Note: As of 2020, there were changes to form W4 that impacts the tax tables for Federal withholding schedules. Depending on an employee's W4 info, there could be additional records in Tax Table F/M needed to accommodate all possible scenarios. Refer to Pub 15-T for more information.
Source: Official IRS 2023 tax tables www.irs.gov/.../p15t.pdf, downloaded and used attachment spreadsheet 2nd Sheet "1B % Method Tables - Automated", "Married Filing Jointly" and "Single or Married Filing Separately" tables.
STANDARD Withholding Rate Schedules (Use these if the Form W-4 is from before 2020, or if the Form W-4 is from 2020 or later and the box in Step 2 of Form W-4 is NOT checked.)
[Married Filing Jointly and W-4 is before 2020] ---OR--- [Married Filing Jointly and W-4 is from 2020 or later and the box in Step 2 of Form W-4 is NOT checked]
Relates to Tax Table F/M: FIM Federal Married
Bracket 1: .00%, base .00, limit 14800
Bracket 2: 10.00%, base .00, limit 36800
Bracket 3: 12.00%, base 2200.00, limit 104250
Bracket 4: 22.00%, base 10294.00, limit 205550
Bracket 5: 24.00%, base 32580.00, limit 379000
Bracket 6: 32.00%, base 74208.00, limit 477300
Bracket 7: 35.00%, base 105664.00, limit 708550
Bracket 8: 37.00%, base 186601.50, limit 999999
Employer Adjust: 0%
Exempt Amount 1, 2 and 3: 0.00
[Single or Married Filing Separately and W-4 is before 2020] ---OR--- [Single or Married Filing Separately and W-4 is from 2020 or later and the box in Step 2 of Form W-4 is NOT checked]
Relates to Tax Table F/M: FIS Federal Single
Bracket 1: .00%, base .00, limit 5250
Bracket 2: 10.00%, base .00, limit 16250
Bracket 3: 12.00%, base 1100.00, limit 49975
Bracket 4: 22.00%, base 5147.00, limit 100625
Bracket 5: 24.00%, base 16290.00, limit 187350
Bracket 6: 32.00%, base 37104.00, limit 236500
Bracket 7: 35.00%, base 52832.00, limit 583375
Bracket 8: 37.00%, base 174238.25, limit 999999
Employer Adjust: 0%
Exempt Amount 1, 2 and 3: 0.00
W-4 Line 2 Checkbox Withholding Rate Schedules (Use these if the Form W-4 is from 2020 or later and the box in Step 2 of Form W-4 IS checked.)
Married Filing Jointly and W-4 is from 2020 or later AND the box in Step 2 of Form W-4 IS checked
Relates to Tax Table F/M: FIM Federal Married
Bracket 1: .00%, base .00, limit 13850
Bracket 2: 10.00%, base .00, limit 24850
Bracket 3: 12.00%, base 1100.00, limit 58575
Bracket 4: 22.00%, base 5147.00, limit 109225
Bracket 5: 24.00%, base 16290.00, limit 195950
Bracket 6: 32.00%, base 37104.00, limit 245100
Bracket 7: 35.00%, base 52832.00, limit 360725
Bracket 8: 37.00%, base 93300.75, limit 999999
Employer Adjust: 0%
Exempt Amount 1, 2 and 3: 0.00
Single or Married Filing Separately and W-4 is from 2020 or later AND the box in Step 2 of Form W-4 IS checked
Relates to Tax Table F/M: FIS Federal Single
Bracket 1: .00%, base .00, limit 6925
Bracket 2: 10.00%, base .00, limit 12425
Bracket 3: 12.00%, base 550.00, limit 29288
Bracket 4: 22.00%, base 2573.50, limit 54613
Bracket 5: 24.00%, base 8145.00, limit 97975
Bracket 6: 32.00%, base 18552.00, limit 122550
Bracket 7: 35.00%, base 26416.00, limit 295988
Bracket 8: 37.00%, base 87119.13, limit 9999999
Employer Adjust: 0%
Exempt Amount 1, 2 and 3: 0.00
