Wrong on the IRS Tax Tables
Q.Installed '04 tax tables, registered and now .I'm verifying that the rates are correct. But I'm finding one of the rates are wrong on the IRS Tax Tables, can I go into the formula and change it myself? If I do, do I have to save it with a new name, like in company tax tables?
A.Depends on the version. Some versions will not let you edit the global tables and you must save the tax in the company table. If you are using an older version, you can save the change in the global table under the same name. I have ver. 9. I notice that there are global tax table with Tax ID: "FICA EE 1" Tax Name "FICA EE 01" which I presume is for tax year 2001. Can I create a global tax table Tax ID: "FICA EE 4" and Tax Name "FICA EE 04", fill in the relevant formula and be done with it? (Assuming I do FICA ER, FIT, FUTA, etc.)
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