State tax tables |
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If your state uses a tax table system, they may be updated on a yearly basis in accordance with your own state's guidelines, in their printed tax guide. The system will ask for the state code (use the standard two letter postal code) and then display a table that is identical to that found on the federal level. These tables are identical to the Federal Tax Tables. If values need to be changed (for a new year), simply highlight the entry where the corrections must be made. Enter the change, and be sure to select the Save button to retain the result.
All tax tables need to be updated each year. If the tax tables are not accurate, the calculations will be inaccurate and you may be responsible for underpayment and consequent penalties.
If your state is based on a percentage basis, the system will provide a screen with the formula values. Follow the prompts that are shown to update the values. |