Setting up an advance earned income credit (EIC) calculation

Suggested settings for an advance EIC calculation:

1. Open 5-3-1 Payroll Calculations.

2. In the Description box, type a description, for example, “Advance EIC.”

3. From the Tax Type drop-down list, select 17—Advance EIC Payments.

4. Press the Tab key.

5. The Calc Type box autofills with 2—Add to Gross and the Calc Method box autofills with 18- Variable (manual calc).

6. The Max Type box autofills with 0—None.

7. From the Job Acct, Shop Acct, Ovh Acct, and Admin Acct box drop-down lists, select a Fica/FIT payable account.

8. From the Credit Acct drop-down list, select a General Checking account.

9. The W-2 Box autofills to “9.”