Federal & Medicare FICA Tax Table Maintenance (FEDM2 & FEDS2)

Use the Federal & Medicare FICA Tax Table Maintenance (FEDM2 & FEDS2) to maintain the federal income tax and Medicare-Only FICA tax withholding information for married (FEDM2) and single (FEDS2) taxpayers.  You must  maintain these tables for Medicare-Only FICA employees, as specified by the Employee FICA Code.  This applies to facilities with Regular FICA-exempt employees, such as municipalities who participate in the Maine State Retirement System (MSRS).

For additional information, click More.

Directions:

To see directions for...

• Opening Federal & Medicare FICA Tax Table Maintenance (FEDM2 & FEDS2), click More.

   

  1. Click Payroll from the Menu Bar.

  2. Click Miscellaneous File Maintenance.

  3. Click Table FM.

  4. Click Numeric Tables.

  5. Click Federal & Med FICA Tax (FEDM2 & FEDS2).
     
     Tip:  Or, use the keyboard shortcut:  [ALT] [p] [m] [n] [t].

   

  Federal & Medicare FICA Tax (Married) Table Maintenance Window Example:

  Note:  The tax limits and rates depicted in the following table are only an example.  Actual tax withholding information is published annually.

  

   

  Federal & Medicare FICA Tax (Single) Table Maintenance Window Example:

  Note:  The tax limits and rates depicted in the following table are only an example.  Actual tax withholding information is published annually.

  

   

• Creating a new tax table, click More.

   

  Note:  You can not create any new federal tax tables.  The necessary tables are created during the software installation and updates.  To maintain the tax tables, see the instructions for editing later in this topic.

   

• Editing the existing federal FEDM2 and FEDS2 tax tables, click More.

   

  CAUTION:  To avoid losing data, you must save changed records.

  1. To display the record to be changed, click Single or Married in the Table ID drop-down list.  Then, click Retrieve , or press [ENTER].
     Keyboard shortcut:  [ALT + t]

  2. To position the pointer to the information that you want to change, press [TAB] or click the field using the mouse.

  3. Enter the data changes.

  4. To complete the edit process, click Save , or press [ENTER].
     Keyboard shortcut:  [ALT + s]

   

  Federal & Medicare FICA Tax Table Maintenance (FEDM2 & FEDS2) Prompts Tip:  To see more information about a field, click the hyperlink for the field name.
  Table ID	To specify whether you want to maintain the tax table for married or single taxpayers, click one of the following options in the drop-down list: Single:  Maintain the withholding information for single taxpayers in the FEDS2 table. Married:  Maintain the withholding information for married taxpayers in the FEDM2 table. Tip:  This maintenance is for a two tables, each table containing a single record.
  	To update the changed information, click Save or press [ENTER]. Keyboard shortcut:  [ALT + s]
  	CAUTION To avoid losing data, you must save the changed record.
  	Search is not active for this program.
  	To display an existing tax withholding table, specify the Table ID and click Retrieve, or press [ENTER]. Keyboard shortcut: [ALT + t]
  Title	Enter the Table Title, which is an abbreviated name for the table.  (up to 14 characters)
  Description	Enter the Table Description, which is the full name of the table.  (up to 79 characters)
  FICA TAX - (MEDICARE-ONLY) Tip:  The following fields apply to either married or single taxpayers, depending on the Table ID you specify.
  Medicare FICA W/H Rate	Enter the Medicare FICA Rate, which is the percentage of gross earnings withheld for Medicare FICA taxes.  (6.2 numeric)
  Medicare FICA W/H Income Limit	Displays the Medicare FICA Income Limit, which is the gross earnings cutoff point for Medicare FICA taxes.  Currently the limit is 999999.00, which indicates it is unlimited.  (6.2 numeric)
  FEDERAL INCOME TAX Tip:  The following fields apply to either married or single taxpayers, depending on the Table ID you specify.
  Dep Allowance	Enter the Federal Dependent Allowance.  (6.2 numeric)
  Gross Income Level 1-6 Over	For Gross Income Levels 1 through 6, enter the Over amount, which is the earnings cutoff amount used to determine the Base Amount to Withhold.  (6.2 numeric) Tax Calculation Example: If a single person's annual income is $25,000.00... Gross Income Level = 2 (see table) Federal Gross Income Over Amount = $10,000.00 Federal Base Amount to Withhold = $735.00 Federal Plus % of Excess Over Rate = 15.00% $25,000.00 - $10,000.00 = $15,000.00 Excess Taxable Amount Excess Taxable Amount $15,000.00 X % of Excess Over Rate 15.00% = Excess W/H Amount $2,250.00 Federal Tax Withholding Amount = $735.00 + $2,250.00 = $2,985.00
  Gross Income Level 1-6 Base	For Gross Income Levels 1 through 6, enter the Federal Base Amount to Withhold, which is the flat tax amount to withhold based on the Gross Income Level Over Amount.  (6.2 numeric)
  Gross Income Level 1-6 +% Over	For Gross Income Levels 1 through 6, enter the Federal Plus % of Excess Over Rate, which is the percentage used to calculate the excess withholding amount based on the Excess Taxable Amount.  (6.2 numeric)

   

• Deleting an existing tax table, click More.

   

  Note:  To maintain data integrity, you can not delete any federal tax tables.