![]() ![]() Income Tax Formulas from the Publications menu to launch the tax map. ![]() Select the Publications tab and select U.S. To view the updated tax formula, go to the HR and Payroll Clients page from the MyNFC drop-down menu on the National Finance Center (NFC) Home page. Divide the annual South Carolina tax withholding calculated in step 7 by the number of pay dates in the tax year to obtain the biweekly South Carolina tax withholding.Apply the taxable income computed in step 6 to the following table to determine the South Carolina tax withholding:.Multiply the number of allowances by $4,310. Determine the personal exemption allowance by applying the following guideline and subtracting this amount from the result of step 5 to compute the taxable income:.If the Number of Exemptions Claimed Is: 1ġ Use annual wages when no exemptions are claimed. Determine the standard deduction by applying the following guideline and subtract this amount from the gross annual wages calculated in step 4:.Multiply the adjusted gross biweekly wages by the number of pay dates in the tax year to obtain the gross annual wages.Add taxable biweekly fringe benefits (e.g., taxable life insurance) to the amount computed in step 2 to obtain the adjusted gross biweekly wages.Subtract the nontaxable biweekly Federal Employees Health Benefits Plan payment(s) (includes dental and vision insurance program, and Flexible Spending Account - health care and dependent care deductions) from the amount computed in step 1.Subtract the biweekly Thrift Savings Plan contribution from the gross biweekly wages.Withholding Formula (Effective Pay Period 03, 2023) Employees who have not previously submitted an SC W-4 and have not submitted a 2020, or later, Federal Form W-4 will default to the prior to 2020 Federal Form W-4 submission. Second and Third Positions - Enter the number of exemptions claimed.Įmployees who have not previously submitted an SC W-4 and have submitted a 2020, or later, Federal Form W-4 will default to zero (00) allowances. State or Federal Exemptions (see the Additional Information section)ĭetermine the Total Number of Allowances field as follows: First Position - Enter 0 (zero). SC-4 or W-4 (see the Additional Information section) No action on the part of the employee or the personnel office is necessary. The table for State income tax withholding calculation has changed.The exemption allowance has changed from $2,750 to $4,310.The maximum standard deduction in the case of any exemptions has changed from $4,580 to $6,475.The income tax withholding for the State of South Carolina includes the following changes: South Carolina State Income Tax Withholding
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |