Earned Income Credit is a tax credit that is available to ...
Earned Income Credit is a tax credit that is available to low-income employees. It may be taken when the employee files his or her individual tax return.
1) Create the Earned Income Credit code in PTRBDCA.
a. The priority should be set higher than all the pre-tax deductions and lower than all taxes.
b. Deduction Type = 11
c. Tax Code = EI
d. Calculation Rule = 60
e. Make further modifications as needed to conform to appropriate payroll method
f. Save
2) In the next block (Definition of Options and Amounts),
a. Give Option 1 the title “File Stat” and
b. Select it as a Required Entry
c. Save
3) Open the deduction code for Federal Income Tax,
a. Block down to Included Benefits or Deductions
b. Benefit or Deduction Code = EIC
c. Tax Method = Annualized
d. Employee or Employer Indicator = Employee
e. Save
4) In PXATXCD, verify or create:
a. Tax Code = EI
b. Description = Earned Income Credit
c. Tax Type = Federal
d. Starting Point = Annual
e. Annualization Method = Annualize
f. Save
5) In PXAFSTA, verify or create:
a. Filing Status & Description:
i. EM – Married without Spouses Cert.
ii. EO – Single or Head of Household
iii. ES – Married with Spouses Cert.
6) In PXATAXS, block to the Graduated Tax Table (Options > Graduated Tax Table).
a. For each Filing Status filled out in the key block, be sure to have appropriate numbers entered in to these fields
7) Once the employee has completed the W5 application to the HR department, open up PDADEDN and assign the EIC code to the employee with the proper filing status.
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