This page (revision-8) was last changed on 26-Nov-2021 10:22 by jmyers

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Symmetry Set Up - NM
Symmetry Set Up - NM

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At line 138 changed one line
On the [IPRLU State tab|IPRLU#StateTab] ‘WC Method’ may be set up with an override ‘Calc by US Taxation’ or ‘Both by IPWC and US Taxation’ in order to calculate the New Mexico Workers Compensation by Symmetry Taxation.\\ \\WC Method ‘Calc by IPWC Class’ will calculate WC using the rates defined in [IPWC], the WC tax identifier in [IPUTR] will not calculate if this method is selected.\\ \\If the [IPRLU] WC Method is not set up, then [IPPGU] Pay Category WC Method will be used
On the [IPRLU State tab|IPRLU#StateTab] ‘WC Method’ may be set up with an override ‘Calc by US Taxation’ or ‘Both by IPWC and US Taxation’ in order to calculate the New Mexico Workers Compensation by Symmetry Taxation.\\ \\WC Method ‘Calc by IPWC Class’ will calculate WC using the rates defined in [IPWC], the WC tax identifier in [IPUTR] will not calculate if this method is selected.\\ \\If the [IPRLU] WC Method is not set up, then [IPPGU] Pay Category WC Method will be used.
\\ \\
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!NM – ER SUTA Rate
ER SUTA may be bypassed on [IPUTR] with ‘Do not Calculate’ or [IPRLU] ‘SUI ER Method’ = ‘Do not Calculate’.
At line 144 added 10 lines
There are two options to set up the ER SUTA rate by state:
#IPUTR
#*Enter the SUTA ER rate that is given by the government on the Override Tax Rate field.
#*This rate is applicable for the entire company within the State of New Mexico.
#IDGV
#*If there is a specific rate given by the government for a different State Registration #, then enter the rate on [IDGV] by ‘Reg Type’; this overrides the [IPUTR] rate.
\\ \\
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!NM – IPPC / PC Usages
IPPC – Set up Pay Components by PC Usages
At line 155 added 19 lines
In order to calculate the following taxes, set up [IPPC] for these PC Usages:
||Usage||Description
|7006|Workers Comp Employee Tax
|7430|NM-WC Assessment Fee - Employer
\\ \\
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!NM – Special Taxes
IPUTR - Employer SUTA Surcharge Tax
#NJ Work Force Development/Supplemental Work Force
#*By default, this tax will be calculated unless the [IPUTR] ‘Do Not Calculate’ toggle is checked or [IPRLU] ‘SUI ER Method’ = ‘Do not Calculate’
#*This tax will be stored into Pay Component with Usage 7423 – NJ Work force Development
#New Jersey Family Leave Insurance
#*By default, this tax will be calculated unless the [IPUTR] ‘Do Not Calculate’ toggle is checked or [IPRLU] ‘SUI ER Method’ = ‘Do not Calculate’
#*This tax will be stored into Pay Component with Usage 7421 – NJ Family Leave Insurance
#NJ Waterfront Payroll Tax - Employer (only select NJ Harbor employers)
#*By default, this tax will be calculated unless the ‘Do Not Calculate’ toggle is checked
#*This tax will be stored into Pay Component with Usage 7422 – NJ/NY Waterfront Tax
#Newark Employer Payroll Tax
#*If the tax jurisdiction is for Newark, by default, this tax will be calculated unless the ‘Do Not Calculate’ toggle is checked
At line 143 changed one line
34.2 NM – ER SUTA Rate
IPUTR – Worker’s Compensation
#New Mexico Worker's Compensation
#*Check the ‘Do Not Calculate’ toggle on [IPUTR] to bypass WC Calculation if desired.
#*[IPRLU] or [IPPGU] may specify WC Method = ‘Calc by US Taxation’ or ‘Both by IPWC and US taxation’ to calculate WC using Symmetry.
#*The New Mexico Workers Compensation tax is $2 per quarter fee paid by the employee.
#*Symmetry provides an option to prorate this Workers Compensation Tax by pay period, however the ‘Prorate Option’ will not be used due to rounding issues as follows:\\ \\e.g. In one year, there are four quarters in a year, $2 x 4 = $8 per year.
#**For BW payroll, there are 26 pays in one year, $8 / 26 = $0.31 per pay, therefore $0.31 should be taken for each pay period until the $2 quarterly maximum is reached.
#**However, $0.62 will be withheld when both Regular and Suppl wages are paid in one pay; for the quarter with 6 pays, $0.31 x 6 = $1.86, for the quarter with 7 pays, $0.31 x 7 = $2.17 with maximum of $2.00.
#**During the last pay of a quarter, if the ‘Prorate Option’ is set to False, then Symmetry will catch the remainder of the Workers Compensation tax for the quarter.
#**However, the last pay of a quarter for each employee varies depending on if the employee will be paid, therefore the ‘Prorate Option’ will not be used.
#**Workers Compensation will be calculated the first time the employee is paid in a quarter, this coincides with the Employer New Mexico Worker's Compensation Assessment Fee as below.
#New Mexico Worker's Compensation Assessment Fee
#*Check the ‘Do Not Calculate’ toggle on [IPUTR] to bypass WC Calculation if desired.
#*[IPRLU] or [IPPGU] may specify WC Method = ‘Calc by US Taxation’ to calculate WC.
#*This tax is computed as a dollar amount per employee and is considered Employer Head tax.
At line 145 removed 2 lines
User may bypass ER SUTA on IPUTR with ‘Do not Calculate’ or IPRLU ‘SUI ER Method’ = ‘Do not Calculate’.
There are 2 options to set up ER SUTA Rate by State:
At line 148 removed 51 lines
(1) IPUTR - enter the SUTA ER Rate that is given by the Government on the Override Tax Rate field
- this rate is applicable for the entire company for State of New Mexico
(2) IDGV - if there is a specific rate given by the government for different State Registration #,
- then enter on IDGV by ‘Reg Type’, this overrides the IPUTR Rate
34.3 NM – IPPC / PC Usages
If user wants to calculate the following taxes, please set up IPPC for these PC Usages:
Usage Description
7006 Workers Comp Employee Tax
7430 NM-WC Assessment Fee - Employer
34.4 NM – Special Taxes
IPUTR – Worker’s Compensation
(1) New Mexico Worker's Compensation
- user may check ‘Do Not Calculate’ Toggle on IPUTR to bypass WC Calculation if desired
- IPRLU or IPPGU may specify WC Method = ‘Calc by US Taxation’ or ‘Both by IPWC and US taxation’ to calculate WC using Symmetry.
- the New Mexico Workers Compensation tax is $2 per quarter fee paid by the employee
- Symmetry provides an option to prorate this Workers Compensation Tax by pay period, however the ‘Prorate Option’ will not be used due to rounding issues as follows:
e.g. In one year, there are 4 quarters in a year, $2 x 4 = $8 per year
- for BW payroll, there are 26 pays in one year, $8 / 26 = $0.31 per pay
- therefore $0.31 should be taken for each pay period until the $2 quarterly maximum is reached
- however $0.62 will be withheld when both Regular and Suppl wages are paid in one pay
- for the quarter with 6 pays, $0.31 x 6 = $1.86
- for the quarter with 7 pays, $0.31 x 7 = $2.17 with maximum of $2.00
- during the last pay of a quarter, if the ‘Prorate Option’ is set to False, then Symmetry will catch the remaining of the Workers Compensation Tax for the quarter
- however the last pay of a quarter for each employee varies depending on if the employee will be paid, therefore the ‘Prorate Option’ will not be used
- Workers Compensation will be calculated the first time the employee is paid in a quarter, this coincides with the Employer New Mexico Worker's Compensation Assessment Fee as below
(2) New Mexico Worker's Compensation Assessment Fee -
- user may check ‘Do Not Calculate’ Toggle on IPUTR to bypass WC Calculation if desired
- IPRLU or IPPGU may specify WC Method = ‘Calc by US Taxation’ to calculate WC
- this tax is computed as a dollar amount per employee and is considered as Employer Head Tax
This page (revision-8) was last changed on 26-Nov-2021 10:22 by jmyersTop