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Learn MoreNo more flat State Tax Rate! In emX, we’ve implemented each individual state’s income tax rules.
To toggle this on for your clients, you can click Settings under Assumptions – Misc, Tax Rates. At this level, this will be an advisor level default. Or, you can change it for each individual client in their Facts area under Expenses & Taxes, and also in their Advanced Facts, Assumptions, Miscellaneous, Tax Rates section.
This field will not automatically populate based on your client’s address, so be sure to double check that the correct state is being pulled over for each client.
Based on which state you select, the system automatically knows where to start the state calculation (Base Income) and what to add or subtract. We also created a brand new Income Tax sub-report for State Income Taxes. You can get to this report by going to Reports, Income Tax, drill down on Other Income Taxes, and then drill down again on State Income Taxes.
