Question about Employee Tax data Effective date and Tax tables
Greetings!
This can be naive. But we needed to show something to the client that PeopleSoft calculation uses newer Tax tables though the employee W4 data is old dated.
Example - An employee can have W4 data saved in the system with older date, say 03/2016. Since the tax tables can change every year , we would have newer rows inserted into our tax tables. Should system use 2024 table to calculate the employee tax OR should it use the tax table that of 2016? Can there be any document that proves Payroll calculation uses newer (latest) brackets available that as of today?
Thanks in advance.