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 01/15/2024):
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 168600
Bracket 2: 1.45%, base 12,897.90 limit 200000
Bracket 3: 2.35%, base 13,353.20 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.
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 16300
Bracket 2: 10.00%, base .00, limit 39500
Bracket 3: 12.00%, base 2320.00, limit 110600
Bracket 4: 22.00%, base 10852.00, limit 217350
Bracket 5: 24.00%, base 34337.00, limit 400200
Bracket 6: 32.00%, base 78221.00, limit 503750
Bracket 7: 35.00%, base 111357.00, limit 747500
Bracket 8: 37.00%, base 196669.50, limit 9999999
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 6000
Bracket 2: 10.00%, base .00, limit 17600
Bracket 3: 12.00%, base 1160.00, limit 53150
Bracket 4: 22.00%, base 5426.00, limit 106525
Bracket 5: 24.00%, base 17168.50, limit 197950
Bracket 6: 32.00%, base 39110.50, limit 249725
Bracket 7: 35.00%, base 55678.50, limit 615350
Bracket 8: 37.00%, base 183647.25, limit 9999999
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 14600
Bracket 2: 10.00%, base .00, limit 26200
Bracket 3: 12.00%, base 1160.00, limit 61750
Bracket 4: 22.00%, base 5426.00, limit 115125
Bracket 5: 24.00%, base 17168.50, limit 206550
Bracket 6: 32.00%, base 39110.50, limit 258325
Bracket 7: 35.00%, base 55678.50, limit 380200
Bracket 8: 37.00%, base 98334.75, limit 9999999
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 7300
Bracket 2: 10.00%, base .00, limit 13100
Bracket 3: 12.00%, base 580.00, limit 30875
Bracket 4: 22.00%, base 2713.00, limit 57563
Bracket 5: 24.00%, base 8584.25, limit 103275
Bracket 6: 32.00%, base 19555.25, limit 129163
Bracket 7: 35.00%, base 27839.25, limit 311975
Bracket 8: 37.00%, base 91823.63, limit 9999999
Employer Adjust: 0%
Exempt Amount 1, 2 and 3: 0.00
