Sign Vermont Work Order Fast

Document type sign work order vermont fast

how's it going we're going to talk about vermont state payroll tax vermont state income tax withholding and tax rates and how to calculate a paycheck for an employee that resides in vermont uh it's a state that's close to home for me i went to college at the university of vermont graduated about 20 years ago love the state i was just there a few weeks ago apparently i shouldn't have been because they're like two-week quarantines mandatory if you drive there from a different city so i basically drove through the state of vermont and didn't really stay there but uh when they eventually open up again i'm sure you'll want to go back there and visit the mountains and all the beautiful uh beautiful sights to see in vermont so let's talk about uh payroll tax withholding for 2020 this is the payroll and excel application you can buy this on kenbraverman.com you can contact me we're having a version that's going to work in all 50 states for 2021 but let's just talk about vermont for right now so what do you need to know if you're an employer in vermont you know small business employer and you have employees that are vermont residents what do you need from them how do you calculate the tax let's do this as fast as we can just kind of go over all this information so in this payroll file you're going to put information like the last name of the employee the first name a social career number if you want to put it there did the person fill out a 2020 w4 the answer is yes or no if the answer is yes which it really should be going into the future years here you're going to then fill in some information over here about the w-4 and what's on that new 2020 w-4 like what is their w-force filing status do they have any other income are there any additional deductions on line 4-b all these things are located um on the double w four and a simulated w-4 that i have here where you can answer all these questions for your employee but anyway you'll have those things to fill out if they filled out a 2020 w-4 more questions to answer besides that is the person married or not in vermont there are two different tables one for single and um one for married and head of household so are they married yes or no if they're had a household i think you want to answer yes that they're married for that really so uh the state allowances or state deductions um itemized allowances or deductions you have how many do they have that's on the vermont w-4 equivalent there one two however may it is the state that they're in their state for unemployment insurance and then as i mentioned before these things that are related to the w-4 in this purple section here those are pretty much everything you need to get from your employee to figure out what kind of status they're in to be able to calculate the tax the next thing you do is record hours for that person on certain days or whatever we have that here you know you can just put in a day choose the employee from the drop down list right here all your employees could pop up how many hours did they have what type of hours were they they would go right there after you've done that you go to your pay period record sheet where you're going to have all the information in here about your employee and stuff that that you've already entered in this is going to be the total number of hours that this employee has worked for this pay period ira allen has worked this many hours for this first pay period you put an hourly rate in here whatever the hourly rate is any bonus or salary amount would go here check number would go here and there's all these different deductions and things which i won't talk about now we're just going to get into the vermont state tax area which is all the way over here and how you calculate vermont state tax what you need to do is this is using the annualized tax method which meaning you're going to take the paid the gross pay for the period or the federal taxable gross amount for the period and you're going to multiply it up here in this formula you're going to multiply by the number of pay periods that are in the year and the file that we're looking at this is actually set for bi-weekly or paying every two weeks so the number of pay periods in the year end up showing right here there's only 26 pay periods in this year you can change this file to reflect any different type of payroll schedule whether it be weekly or bi-weekly or semi-monthly all these things can change so in this scenario you're looking at one that's bi-weekly so when you go back to looking at this formula it's taking the federal taxable gross which is right over here federal taxable gross is here and it's multiplying this 4052.50 by 26 because that's the number of pay periods that are in this year then it's going to subtract out the number of vermont exemptions that the person's claimed that's the state allowance column right here this person has claimed two exemptions so that two gets multiplied by what is the standard deduction amount for vermont which is right here is four thousand three hundred and fifty dollars for twenty twenty that's going to go up slightly in 2021 so the new version so probably go up to like four thousand four hundred or something like that that's how much you get to deduct from your taxable gross when you multiply this number by the number of state allowances claimed on your vermont w-4 so after that's what this formula is telling you is it saying take your federal gross multiply it by the number of pay periods in a year and then subtract out your allowances times 4 350 because that's the annual allowance amount that leaves you with a vermont annualized taxable wage amount which is this 96 665 you then have two different formulas that you could potentially run here one for if you're single and one for if you're married so what you can do here is it's it's a nested if formula um it's just you're saying if the wages are less than 3125 there's no tax if the wages are less than 43 475 take the taxable gross subtract out 3125 and multiply uh 3.35 percent times the remainder it's just this nested formula so there's a couple different ways to throw that formula into the cell i can post this in the comments below this one's pretty easy to do and then you're just going to choose whether or not the person was married and it's going to put the tax right here so you get the single rate table and the married rate table and that's pretty much all you need to do you just need to know your your w your vermont w4 allowances and know these tables and you end up with a pay stub that looks like this and shows your your vermont tax withheld based on whatever your gross wages are so vermont is fairly straightforward fairly easy almost everything in that state kind of has that mantra attached to it um big huge fan so if you're interested in payroll for excel this file is a hundred dollars and it can really save you a lot of time when it comes to running your own payroll for a small business and making sure that all your reports are organized here i mean how quickly is it to get a vermont report out of this you just go right here you choose vermont boom sorry if you didn't see that with my head there you just choose vermont from this drop down menu and whatever quarter you're in or whatever month you want and you're going to get your reports that you need to file with the state and of course your federal reports here that you need to file your federal 941 report so that is vermont in under eight minutes um if you have any questions go to ken braverman.com or comment below and i'll help you out and payroll should be easy so make it so