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Oracle Cloud HCM for United States: Vertex Tax Update for January (US Tax Cuts and Jobs Act)

edited Jan 18, 2018 7:54PM in Human Capital Management

Summary

Vertex Update to the Federal tax tables for the H.R.1 Tax Cuts and Jobs Act

Content

Subject: Vertex Update

Vertex released the January Calculation guide on January 17, 2018, which included the change to the Federal tax tables for the H.R. 1, Tax Cuts and Jobs Act.  This update will be applied to customer’s nonproduction environments on January 18, 2018 and to the production environments on January 25, 2018.

Federal Tax Changes

  • Increased withholding allowance from $4,050.00 to $4,150.00

  • Decreased supplemental withholding tax rate from 25% to 22%

  • Decreased supplemental withholding tax rate for annual wages in excess of $1,000,000.00 from 39.6% to 37%

  • Increased additional withholding amount for Nonresident Aliens from $2,300.00 to $7,850.00

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