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

This page was created 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 194 changed 2 lines
Example (1) Proration of New Mexico Workers Compensation Tax (PC 5331) - note, this proration is not used
[Symmetry Set Up - NJ_01.jpg]\\ \\
__Example (1) Proration of New Mexico Workers Compensation Tax (PC 5331)__
%%information Note, this proration is not used.%%
[Symmetry Set Up - NM_01.jpg]\\ \\
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__Example (2) - NO Proration of New Mexico Workers Compensation Tax (PC 5331)__
%%information Note, this proration is used.%%
[Symmetry Set Up - NM_02.jpg]\\ \\
|PC 5331 Workers Comp Tax|= IPUTR 35-000-0000-WC-000 Tax Rate 2.00 per quarter
| |= 2.00\\ \\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.
At line 212 changed one line
Example (2) NO Proration of New Mexico Workers Compensation Tax (PC 5331) - note, this proration is used
%%information Note:For New Mexico Workers Compensation, in order to override the employee WC portion and move to the employer WC portion, then this employee WC portion becomes taxable and subject to SIT and SUTA tax.\\ \\In this case, calculate WC via Usercalc instead of by Symmetry. In Usercalc, calculate the employee and employer WC portion and store in pay component before US Taxation Pay point. Then include this employee WC pay component into the Elements of Pre-State Earnings (Usage 6651) and Pre-SUI Employer Earnings (Usage 6752). This approach truly reflects the Employee WC portion in the Pre-Tax Earnings pay components and will carry through the system for the use of Self-Adjust method etc.%%
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PC 5331 Workers Comp Tax = IPUTR 35-000-0000-WC-000 Tax Rate 2.00 per quarter
= 2.00
- 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
Note: For New Mexico Workers Compensation, if users wants to override the employee WC portion and move to the employer WC portion, then this employee WC portion becomes taxable and subject to SIT and SUTA tax.
In this case, user should calculate WC via Usercalc instead of by Symmetry. In Usercalc, calculate the employee and employer WC portion and stores in pay component before US Taxation Pay point. Then include this employee WC pay component into the Elements of Pre-State Earnings (Usage 6651) and Pre-SUI Employer Earnings (Usage 6752). This approach truly reflects the Employee WC portion in the Pre-Tax Earnings pay components and will carry through the system for the use of Self-Adjust method etc.
This page (revision-8) was last changed on 26-Nov-2021 10:22 by jmyersTop