Contents of the Manage Federal Tax Levy Exemptions Screen
Use the fields and options to configure the Manage Federal Tax Levy Exemptions screen.
Identification
| Field | Description |
|---|---|
| Filing Status |
Enter, or click
|
to select, a filing status. The IRS provides the exemption information on form 668-W(c)(DO) or 668-W(ICS). The options for the filing status are:
Weekly Exemption Amounts
To enter a new row, click
.
| Field | Description |
|---|---|
| Effective Date |
Enter, or click
|
| Standard Deduction |
Enter the weekly standard deduction amount. |
| Amount per Exemption |
Enter the weekly amount per exemption. |
| 65 Years and/or Blind |
Enter the weekly exemption amount for employees who are 65 years old and/or blind. |
to select, the date on which the federal tax levy exemption amounts become effective.
Example
As an example, the information in the table below was obtained from the IRS Tax Levy Tables (for weekly pay periods) for 2005. The amount to be used from the following table displays in the right column.
Table for Figuring Amount Exempt From Levy on Wages, Salary, and Other Income (Forms 668-W(c), 668-W(c)(DO)) and 668-W(ICS) 2005
| Number of Exemptions Claimed on Statement | |||||||
| Status | 1 | 2 | 3 | 4 | 5 | 6 | More than 6 |
| Single/Married (Separate Return) | 157.69 | 219.23 | 280.77 | 242.31 | 403.85 | 465.38 | 96.15 plus 61.54 for each exemption |
| Unmarried Head of Household | 201.92 | 263.46 | 325.00 | 386.54 | 448.08 | 509.62 | 140.39 plus 61.54 for each exemption |
| Married Filing Joint Return (and Qualifying Widow(er)s) | 253.85 | 315.38 | 376.92 | 438.46 | 500.00 | 561.54 | 192.31 plus 61.54 for each exemption |
The table below, also obtained from forms 668-W(c), 668-W(c)(DO) and 668-W(ICS) 2005, shows how to figure the additional exempt amount for taxpayers at least 65 years old and/or blind:
Table for Figuring Additional Exempt Amount for Taxpayers at Least 65 Years Old and/or Blind
| Filing Status | Exemptions | Weekly |
|---|---|---|
| Single or Head of Household | 1 | 24.04 |
| 2 | 48.08 | |
| Any Other Filing Status | 1 | 19.23 |
| 2 | 38.46 | |
| 3 | 57.69 | |
| 4 | 76.92 |
You would fill out the Manage Federal Tax Levy Exemptions screen like this:
The weekly Standard Deduction of 96.15 and the Amount Per Exemption of 61.54 are taken from the More than 6 column in the first table. The figure 24.04 in the 65 Years and/or Blind column is taken from the second table.
Costpoint determines if an employee is at least 65 years and/or blind by looking at the Manage Employee Information screen. The age is determined by Birth date. To determine whether or not the employee is blind, Costpoint looks at the Blind check box in the HR Data tab.
To determine if the spouse is at least 65 years and/or blind, Costpoint looks on the Garnishment Calculation subtask of the Manage Employee Garnishments screen.