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2020 Federal W-4 Step 3: Claim Dependents

  • 1.  2020 Federal W-4 Step 3: Claim Dependents

    Posted 17 days ago

    I am trying to figure out how the claim dependents section should be entered into GP for calculation. Should you enter the full amount from the form from the example below $4,500 or is the amount divided by the number of payrolls and that amount is entered into GP in the example below $4,500/26(payrolls per year) = $173.08 entered into GP. I have read Terry's blog and also watched a video and am confused by the information in both. Terry's blog states that this field is a per payroll field, but the webinar example below shows the entire amount from the form being entered into GP.

    Example from the webinar I just viewed:


    Example from Terry's blog:

    Thanks so much for any help you can provide me!
    @Terry Heley
    @Charles Allen​​



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    Tiffany Storm
    Big Stone Therapies, Inc.
    Big Stone City, SD
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: 2020 Federal W-4 Step 3: Claim Dependents

    GPUG ALL STAR
    Posted 10 days ago
    @Tiffany Storm
    I believe based on the wording that the $1500 in the narrative is a typo and should have said $4500.  I've not watched the webinar but based on the verbiage, I would ​say that your setup would have $173.08 in that field.  What I would do is set it up with the $73.08 and then go through a payroll build for just one employee to ensure it does what you want.  You can then cancel that build without processing and adjust the amount if/as needed.
    Thanks
    Windi

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    Windi Epperson
    Customer Support Manager
    Njevity, Inc
    Norman OK
    720-870-9700 x104
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    Academy - Online Interactive Learning from Experts


  • 3.  RE: 2020 Federal W-4 Step 3: Claim Dependents

    SILVER CONTRIBUTOR
    Posted 9 days ago
    Tiffany - you would enter the complete $4,500 in that field within GP.   What Terry's blog was stating is that tax calculation will use the full dollar amount to reduce the annualized tax calculation, before taking into consideration the pay period (weekly, biweekly, semi monthly, etc.) in order to calculate the net tax for that pay run.

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    Doug Karel
    Business Systems Consultant - GP
    The TM Group, Inc.
    Farmington Hills MI
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    Academy - Online Interactive Learning from Experts


  • 4.  RE: 2020 Federal W-4 Step 3: Claim Dependents

    Posted 4 days ago
    @Doug Karel Thank you so much for your help with this!​

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    Tiffany Storm
    Big Stone Therapies, Inc.
    Big Stone City SD
    ------------------------------

    Academy - Online Interactive Learning from Experts


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