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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:

  • Head of Household
  • Married Joint Return
  • Married Separate Return
  • Qualifying Widow
  • Single

Weekly Exemption Amounts

To enter a new row, click .

Field Description
Effective Date

Enter, or click to select, the date on which the federal tax levy exemption amounts become effective.

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.

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.