State Tax Savings
On the New Tax Plan Screen, you can enter the ‘Home State’ as well as the "Individual State Rate” and the “Corporate State Rate”.
The individual state rate and the corporate state rate is optional to fill in, if a user has no input in them, zero (0) will be a default number.
Next to the individual state and corporate state rate text there is an informational icon. When hovered over, it displays “Click here to link to current individual state rates, also to the corporate state rate”, When the informational icon is clicked, you are directed to the following link in a new window.
The Home state has a drop-down box next to select one of the 50 states that the tax client lives in.
We also made it a manual functional ability to edit the home state at the plan level.
The "Individual State Rate” and the “Corporate State Rate” entered in the New Plan Screen are added to the Rates section to update them after the plan has been created.
The name of the rates will be the state (two letters) that can be selected for the home state followed by “Ind State Rate” and “Corp State Rate”.
Strategy Screen changes:
‘Associated with’ has been changed to ‘Federal Associated Rate’.
A new rate option has been added below Federal Associated Rate.
It is named ‘State Associated Rate’, we also provided the same drop-down design as the Federal Associated Rate (with the ‘Pick Rate’ in grey) but the State Associated Rate is NOT a required input.
Users are allowed to pick two options. In this example, the Individual State Rate and the Corporate State Rate. The two-character state code has been included before the names of these rates. Also, please note that the user will still need to be able to select those two options even if they edit the name of them.
A new field named ‘State Tax Saved’ is added below which will be populated with the ‘State Tax Saved’ total. If a state rate was not selected, the state savings will calculate to zero. (Please see screenshot above)