Federal Income Tax Withholding Tables

Federal Income Tax Withholding Tables - 2024

Tax updates

Issue

The income tax withholding tables have been updated to reflect the new tax rates for 2024. I need to update payroll to use the new tax withholding table.

Explanation

In 2024, changes were made to the tax law to lower income tax rates. For more information, see Publication 15-T (2024), Federal Income Tax Withholding Methods.

Solution

To update the federal income tax withholding table, run Update Calculations.

1. Back up the Payroll database. (System Management > System Tools > Send Databases)

2. Open Connect Payroll > Organization > Update Calculations.

3. Set up the following options.

Print: Select Report or No Report.

Add required federal calculations: Do not select this checkbox.

Update federal calculation formulas: Select this checkbox.

Update selected federal calculation tables: Select this checkbox.

Federal - Married: Select this checkbox.

Federal - Single: Select this checkbox.

State options: Skip this section.

4. Click GO (CTRL+G).

To verify the new federal income tax withholding rates, open Organization > Calculation Tables and use the withholding tax table from Publication 15-T (2024).

202405, 2024May24