Payroll FWH Calculation Verification

SOLVED

I’m processing my first new employee under the 2020 W-4 form, and I cannot reconcile using the IRS tables to verify Sage’s calculation. Anyone see where I am going wrong?

Single, $2000 for dependent, $860 taxable this week, state is NH (no income tax)

My manual calculations:

$860 x52 = $44,720 Annualized Salary

$795 x .22 (the amount over 43,925) = $174.90 + 4,417.50 = $4792.40 Est Annual Tax

$4792.40 / 52 = 92.16/week less 38.46 dependent credit (2000/52)

$92.16-$38.46 = $53.70 Tax Withheld

Sage says it is $66.17 

I cannot reconcile that number – can anyone assist?

Parents Reply
  • 0 in reply to Jesse Gordon

    I have installed the updates "Setup has successfully installed the Sage 300 CRE Update 4" but now it appears that it calculates the same FWH with and without a Dependent amount.  Anyone willing to double check these calculations for me??

    With Dependent of $2000, FWH = 70.79

    Remove dependent, FWH = 70.79

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