TX-LIMIT

TAX DEDUCTION & EXEMPTION - LIMIT

Any AMOUNT in this box is an UPPER LIMIT for this Deduction, UNLESS option #5
is selected. In that case it becomes a LOWER LIMIT for this Deduction.

Example:                (ALL TAX COMPUTATIONS ARE DONE USING ANNUAL TABLES)

When to Compute                How to Compute                                Rate                                Limit

Before Table                                4- Rate times Gross                .15                                2000
 
Before Table                                5- Lower Limit                                                                1500

For this State Tax Table a Deduction from Gross Pay is allowed of 15%
UP TO A LIMIT OF $2,000. There is also a MINIMUM of $1,500 for this Deduction.

So the Deduction is 15% of Gross Pay, but NOT MORE than $2,000 nor LESS
THAN $1,500 per year.