RE: Payroll computations
You could start here: http://taxes.yahoo.com/rates.html -Original Message- From: George Gallen [mailto:[EMAIL PROTECTED] Sent: Friday, February 13, 2004 8:40 AM To: 'Ardent List' Subject: Payroll computations I'm trying to write a program that will give a estimate (fairly close estimate) for determine what amount of money deducted pre-taxed, will cause your taxable income to drop a tax bracket. What I'm looking for is an excel file for tax rates on salary income. I'm assuming you take the gross * (# payperiods in year) for annualized salary and use that as a base (depending on the # of dependants on the w4) would give you the % to charge for fed inc tax. Is that how it works? (Annualized Salary - pre tax $) * (% based on dedecutions from table) = Fed withholding $ I'm not looking to include state / FICA at this point Is the above the correct method for determining taxable income for a paycheck, and if it is via tables where can I get the table in computer readable format. George George Gallen Senior Programmer/Analyst Accounting/Data Division [EMAIL PROTECTED] ph:856.848.1000 Ext 220 SLACK Incorporated - An innovative information, education and management company http://www.slackinc.com -- u2-users mailing list [EMAIL PROTECTED] http://www.oliver.com/mailman/listinfo/u2-users -- u2-users mailing list [EMAIL PROTECTED] http://www.oliver.com/mailman/listinfo/u2-users
Re: Payroll computations
George, Goto (no flames please) the IRS website and download Circular E (http://www.irs.gov) Website Path: Side Menu: Contents, Businesses Side Menu: Resources, Forms And Publications Body Link: PUBLICATIONS AND NOTICES (not forms) Circular E, Page 35-37 Donald Verhagen 1690 S Congress Avenue, Suite 210 [EMAIL PROTECTED] Delray Beach, FL 33445 USA Tandem Staffing Solutions, Inc. Voice Phone: 561.454.3592 Senior Programmer Fax Phone: 561.454.3640 --- [EMAIL PROTECTED] 10:40:19 AM 02/13/2004 I'm trying to write a program that will give a estimate (fairly close estimate) for determine what amount of money deducted pre-taxed, will cause your taxable income to drop a tax bracket. What I'm looking for is an excel file for tax rates on salary income. I'm assuming you take the gross * (# payperiods in year) for annualized salary and use that as a base (depending on the # of dependants on the w4) would give you the % to charge for fed inc tax. Is that how it works? (Annualized Salary - pre tax $) * (% based on dedecutions from table) = Fed withholding $ I'm not looking to include state / FICA at this point Is the above the correct method for determining taxable income for a paycheck, and if it is via tables where can I get the table in computer readable format. George George Gallen Senior Programmer/Analyst Accounting/Data Division [EMAIL PROTECTED] ph:856.848.1000 Ext 220 SLACK Incorporated - An innovative information, education and management company http://www.slackinc.com -- u2-users mailing list [EMAIL PROTECTED] http://www.oliver.com/mailman/listinfo/u2-users -- u2-users mailing list [EMAIL PROTECTED] http://www.oliver.com/mailman/listinfo/u2-users
RE: Payroll computations
thanks for the path directions, I searched for circular e and it didn't come up with anything. ok. Looks like I got enough to get me started for some rough numbers.. Thanks -Original Message- From: Don Verhagen [mailto:[EMAIL PROTECTED] Sent: Friday, February 13, 2004 10:52 AM To: [EMAIL PROTECTED] Subject: Re: Payroll computations George, Goto (no flames please) the IRS website and download Circular E (http://www.irs.gov) Website Path: Side Menu: Contents, Businesses Side Menu: Resources, Forms And Publications Body Link: PUBLICATIONS AND NOTICES (not forms) Circular E, Page 35-37 --- - Donald Verhagen 1690 S Congress Avenue, Suite 210 [EMAIL PROTECTED] Delray Beach, FL 33445 USA Tandem Staffing Solutions, Inc. Voice Phone: 561.454.3592 Senior Programmer Fax Phone: 561.454.3640 --- [EMAIL PROTECTED] 10:40:19 AM 02/13/2004 I'm trying to write a program that will give a estimate (fairly close estimate) for determine what amount of money deducted pre-taxed, will cause your taxable income to drop a tax bracket. What I'm looking for is an excel file for tax rates on salary income. I'm assuming you take the gross * (# payperiods in year) for annualized salary and use that as a base (depending on the # of dependants on the w4) would give you the % to charge for fed inc tax. Is that how it works? (Annualized Salary - pre tax $) * (% based on dedecutions from table) = Fed withholding $ I'm not looking to include state / FICA at this point Is the above the correct method for determining taxable income for a paycheck, and if it is via tables where can I get the table in computer readable format. George George Gallen Senior Programmer/Analyst Accounting/Data Division [EMAIL PROTECTED] ph:856.848.1000 Ext 220 SLACK Incorporated - An innovative information, education and management company http://www.slackinc.com -- u2-users mailing list [EMAIL PROTECTED] http://www.oliver.com/mailman/listinfo/u2-users -- u2-users mailing list [EMAIL PROTECTED] http://www.oliver.com/mailman/listinfo/u2-users -- u2-users mailing list [EMAIL PROTECTED] http://www.oliver.com/mailman/listinfo/u2-users
RE: Payroll computations
I'm only looking for rough numbers, not exacts (being off by $5.00 or $10.00 is acceptable), since this won't be actually used for peoples paychecks. George -Original Message- From: Anthony Youngman [mailto:[EMAIL PROTECTED] Sent: Friday, February 13, 2004 11:06 AM To: U2 Users Discussion List Subject: RE: Payroll computations Oh crumbs. We sell software that does EXACTLY that. I might even be able to email you an out-of-date copy (several years out-of-date ...) To try and explain how it works ... We first look at the first-priority tax bands, and build an array of gross2net at each kink. Let's say you pay 10% on the first 10K, 20% on the next 10K, and 30% on the next... Gross Net 0 0 10K9K 20K17K 30K24K Now let's say that, on your net of tax income, you now have to pay 5% of the first 10K in health premiums, and 10% of the next 10K. Gross Net1 Net2 0 0 10K9K 10K9.5K 20K17K 20K19.5K 30K24K For each tax in turn, you now add a new column to the right, and extrapolate back to the left. It's easy. That's what our program does. And you end up with, in the gross column, the exact gross for every point at which the marginal tax rate changes. Our ex-IT-manager once demonstrated this program at a beauty contest, up against one of the big accountancy firm. Their guy didn't believe him when he said he could do a net to gross calculation instantaneously, so they tried it. Our program was instant, while you could watch their program iterating down towards the correct result :-) Of course, in truth, our program didn't do it instantly. But as you exit the these taxes apply setup screen, it calculates this table on the way out. Then, when you actually enter the net, it simply interpolates to get the gross, then does a forward calculation to report all the taxes etc. (By the way, no offence to the others who've replied, but do those spreadsheets etc that you've referred to allow you to enter what taxes apply? And (as in our case) might George possibly want to use the same technique for other countries? After all, he did ask for the technique ...) Cheers, Wol -Original Message- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of George Gallen Sent: 13 February 2004 15:40 To: 'Ardent List' Subject: Payroll computations I'm trying to write a program that will give a estimate (fairly close estimate) for determine what amount of money deducted pre-taxed, will cause your taxable income to drop a tax bracket. What I'm looking for is an excel file for tax rates on salary income. I'm assuming you take the gross * (# payperiods in year) for annualized salary and use that as a base (depending on the # of dependants on the w4) would give you the % to charge for fed inc tax. Is that how it works? (Annualized Salary - pre tax $) * (% based on dedecutions from table) = Fed withholding $ I'm not looking to include state / FICA at this point Is the above the correct method for determining taxable income for a paycheck, and if it is via tables where can I get the table in computer readable format. George George Gallen Senior Programmer/Analyst Accounting/Data Division [EMAIL PROTECTED] ph:856.848.1000 Ext 220 SLACK Incorporated - An innovative information, education and management company http://www.slackinc.com -- u2-users mailing list [EMAIL PROTECTED] http://www.oliver.com/mailman/listinfo/u2-users *** This transmission is intended for the named recipient only. It may contain private and confidential information. If this has come to you in error you must not act on anything disclosed in it, nor must you copy it, modify it, disseminate it in any way, or show it to anyone. Please e-mail the sender to inform us of the transmission error or telephone ECA International immediately and delete the e-mail from your information system. Telephone numbers for ECA International offices are: Sydney +61 (0)2 9911 7799, Hong Kong + 852 2121 2388, London +44 (0)20 7351 5000 and New York +1 212 582 2333. *** -- u2-users mailing list [EMAIL PROTECTED] http://www.oliver.com/mailman/listinfo/u2-users -- u2-users mailing list [EMAIL PROTECTED] http://www.oliver.com/mailman/listinfo/u2-users
