This page (revision-35) was last changed on 26-Nov-2021 10:22 by mmcfarland

This page was created on 26-Nov-2021 10:22 by jmyers

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33 26-Nov-2021 10:22 17 KB mmcfarland to previous | to last
32 26-Nov-2021 10:22 17 KB rforbes to previous | to last PR_US_Federal_Tax_Calc ==> Taxation - US Federal
31 26-Nov-2021 10:22 17 KB jmyers to previous | to last
30 26-Nov-2021 10:22 17 KB jmyers to previous | to last
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21 26-Nov-2021 10:22 18 KB jmyers to previous | to last

Page References

Incoming links Outgoing links
Taxation - US Federal
Taxation - US Federal

Version management

Difference between version and

At line 11 changed one line
;[IPUTR]:US Tax Rates may be viewed by states and the Overridden Rates and Wage Base entered.\\ \\Some SUTA surcharge calculations for specific states may be suppressed by checking the '€˜Do not Calculate'€™ toggle
;[IPUTR]:US Tax Rates may be viewed by states and the Overridden Rates and Wage Base entered.\\ \\Some SUTA surcharge calculations for specific states may be suppressed by checking the '€˜Do not Calculate'€™ toggle
At line 13 changed one line
;[IDGV]:This screen may optionally contain specific override rates and Wage Bases by Government Registration for each registration from the pay header'€™s group.\\ \\[IDGV] overridden amounts take precedence over the [IPUTR] overridden amounts.
;[IDGV]:This screen may optionally contain specific override rates and Wage Bases by Government Registration for each registration from the pay header'€™s group.\\ \\[IDGV] overridden amounts take precedence over the [IPUTR] overridden amounts.
At line 15 changed one line
;[IDTX]:Applicable Tax Jurisdictions that are paid by employees may be entered here.\\ \\On the [IPPH]/[IEPI], [IEAS], [IDLN], etc. screens that require a tax jurisdiction, the '€˜Tax Jurisdiction Editor Utility'€™ dialog box can be used to enter the jurisdiction on [IDTX].
;[IDTX]:Applicable Tax Jurisdictions that are paid by employees may be entered here.\\ \\On the [IPPH]/[IEPI], [IEAS], [IDLN], etc. screens that require a tax jurisdiction, the '€˜Tax Jurisdiction Editor Utility'€™ dialog box can be used to enter the jurisdiction on [IDTX].
At line 20 changed one line
!IPUTP -€“ Federal Tax Parameters
!IPUTP -€“ Federal Tax Parameters
At line 29 changed 2 lines
*Allows an employer to indicate on the employee'€™s [IPRLU]/[IPRLUS] screen the maximum number of exemptions allowed for this employee as indicated by the IRS in a '€˜lock-in-letter'.™
*[UPCALC] will cap the employee'€™s 'Federal €˜# of Exemptions'™ with the value from [IPRLU]/[IPRLUS] '€˜IRS_MAX_EXEMPTIONS'€™ parameter.
*Allows an employer to indicate on the employee'€™s [IPRLU]/[IPRLUS] screen the maximum number of exemptions allowed for this employee as indicated by the IRS in a '€˜lock-in-letter'.™
*[UPCALC] will cap the employee'€™s 'Federal €˜# of Exemptions'™ with the value from [IPRLU]/[IPRLUS] '€˜IRS_MAX_EXEMPTIONS'€™ parameter.
At line 40 changed one line
*If the 401K Catch Up option is applicable to all employees, '€˜YES'€ can be entered™ in [IPUTP] Default Value, otherwise each employee can specify the value for this option on [IPRLU]/[IPRLUS].
*If the 401K Catch Up option is applicable to all employees, '€˜YES'€ can be entered™ in [IPUTP] Default Value, otherwise each employee can specify the value for this option on [IPRLU]/[IPRLUS].
At line 42 changed one line
!IPUTR -€“ Federal Tax Rates
!IPUTR -€“ Federal Tax Rates
At line 45 changed one line
*On [IPUTR],the State = '€˜Federal'€ can be selected in order™ to view the Federal Tax Rates.
*On [IPUTR],the State = '€˜Federal'€ can be selected in order™ to view the Federal Tax Rates.
At line 48 changed one line
%%warning IMPORTANT: For the ER_FUTA identifier, a user MUST enter their own Employer FUTA rate which is provided by the government on the '˜Override Tax Rate'€™ field. Symmetry requires this FUTA Rate to be passed into the Symmetry Tax Engine, otherwise ER FUTA will not be calculated.%%
%%warning IMPORTANT: For the ER_FUTA identifier, a user MUST enter their own Employer FUTA rate which is provided by the government on the '˜Override Tax Rate'€™ field. Symmetry requires this FUTA Rate to be passed into the Symmetry Tax Engine, otherwise ER FUTA will not be calculated.%%
At line 50 changed one line
!IPRLU -€“ US Tax Filing Information
!IPRLU -€“ US Tax Filing Information
At line 57 changed one line
For Federal Tax Calculation, the '€˜# of Exemptions'€™ must be entered on the [Federal|IPRLU#FederalTab] tab, if the employee has an IRS letter to indicate the maximum number of exemptions allowed for this employee, then enter on either the [Miscellaneous|IPRLU#MiscellaneousTab] tab or the [State|IPRLU#StateTab] tab with the Misc. Identifier €˜IRS_MAX_EXEMPTIONS.€™
For Federal Tax Calculation, the '€˜# of Exemptions'€™ must be entered on the [Federal|IPRLU#FederalTab] tab, if the employee has an IRS letter to indicate the maximum number of exemptions allowed for this employee, then enter on either the [Miscellaneous|IPRLU#MiscellaneousTab] tab or the [State|IPRLU#StateTab] tab with the Misc. Identifier €˜IRS_MAX_EXEMPTIONS.€™
At line 60 changed one line
!PC Usage -€“ Federal Tax
!PC Usage -€“ Federal Tax
At line 86 changed one line
Federal Insurance Contributions Act Tax (FICA) is imposed by the federal government on both employees and employers. The FICA tax is calculated using Pay Component Usages 6201 -€“ 6261.
Federal Insurance Contributions Act Tax (FICA) is imposed by the federal government on both employees and employers. The FICA tax is calculated using Pay Component Usages 6201 -€“ 6261.
At line 107 changed one line
!PC Usage -€“ Federal Unemployment Tax Act (FUTA)
!PC Usage -€“ Federal Unemployment Tax Act (FUTA)
At line 109 changed one line
Federal Unemployment Tax Act (FUTA) is an employer paid tax. The FUTA tax is calculated using Pay Component Usages 6401 -€“ 6451.
Federal Unemployment Tax Act (FUTA) is an employer paid tax. The FUTA tax is calculated using Pay Component Usages 6401 -€“ 6451.
At line 122 changed 2 lines
#*If there is a specific rate given by the government for a different Registration #, then enter by '€˜Reg Type' on [IDGV]€™, this overrides the [IPUTR] Rate
#*[UPCALC] retrieves [IDGV] by Government Registration from employee'€™s Pay Header group
#*If there is a specific rate given by the government for a different Registration #, then enter by '€˜Reg Type' on [IDGV]€™, this overrides the [IPUTR] Rate
#*[UPCALC] retrieves [IDGV] by Government Registration from employee'€™s Pay Header group
At line 125 changed one line
If you do business in a state that has been given a FUTA Tax Credit reduction, the new FUTA tax rate for that particular state may be entered in [IDGV] for the state. In [IDGV], add a new entry for the specific state, select Registration Type '€˜US SUI Regist 1'; the Govt Rate Type should be '€˜US FUTA Rate'€™. This state specific FUTA rate will be picked up by the UPCALC program when an employee is being paid in that state.
If you do business in a state that has been given a FUTA Tax Credit reduction, the new FUTA tax rate for that particular state may be entered in [IDGV] for the state. In [IDGV], add a new entry for the specific state, select Registration Type '€˜US SUI Regist 1'; the Govt Rate Type should be '€˜US FUTA Rate'€™. This state specific FUTA rate will be picked up by the UPCALC program when an employee is being paid in that state.
At line 127 changed 2 lines
!PC Usage -€“ Railroad Taxation
PC Usages 6301 -€“ 6356
!PC Usage -€“ Railroad Taxation
PC Usages 6301 -€“ 6356
At line 151 changed one line
|PC 8015 FSP Earn|= 100.00 -€“ 15.34|= 84.66
|PC 8015 FSP Earn|= 100.00 -€“ 15.34|= 84.66
At line 166 changed 2 lines
|PC 8005 FIT Earn|= FIT_Wages -€“ 125 - 401K|= 6676.24 -€“ 200.33 -€“ 239.57|= 6236.34
|PC 8039 FICA ER Earn|= FICA_Wages -€“ 125|= 6596.13 -€“ 200.33|= 6395.80
|PC 8005 FIT Earn|= FIT_Wages -€“ 125 - 401K|= 6676.24 -€“ 200.33 -€“ 239.57|= 6236.34
|PC 8039 FICA ER Earn|= FICA_Wages -€“ 125|= 6596.13 -€“ 200.33|= 6395.80
At line 173 changed one line
This employee uses '€˜Self-Adjust Method'€™.
This employee uses '€˜Self-Adjust Method'€™.
At line 184 changed 2 lines
If FICA Earnings (FICA_Wages.ctd) is different than FIT Earnings (FIT_Wages.ctd), then calculate the difference between the Wages for FICA and FIT (i.e. Usage 6261 -€“ Usage 6051), called this 'Additional FICA Wages'.
|CTD Usage 6261 Pre-FICA Employer Earnings:| |6596.13
If FICA Earnings (FICA_Wages.ctd) is different than FIT Earnings (FIT_Wages.ctd), then calculate the difference between the Wages for FICA and FIT (i.e. Usage 6261 -€“ Usage 6051), called this 'Additional FICA Wages'.
|CTD Usage 6261 Pre-FICA Employer Earnings| |6596.13
At line 187 changed one line
|CTD Addn FICA Wages:|6596.13 -€“ 6676.24|= -80.11 (negative means FICA Earn < Pre-FWT Earn)
|CTD Addn FICA Wages|6596.13 -€“ 6676.24|= -80.11 (negative means FICA Earn < Pre-FWT Earn)
At line 189 changed 3 lines
YTD Usage 6261 Pre-FICA Employer Earnings: 51057.92
YTD Usage 6051 Pre FWT Earnings 51747.29
YTD Addn FICA Wages: 51057.92 – 51747.29 = -689.37 (negative means FICA Earn < Pre-FWT Earn)
|YTD Usage 6261 Pre-FICA Employer Earnings| |51057.92
|YTD Usage 6051 Pre FWT Earnings| |51747.29
|YTD Addn FICA Wages|51057.92 -€“ 51747.29|= -689.37 (negative means FICA Earn < Pre-FWT Earn)
At line 219 changed 2 lines
FICA Taxable Earnings = FICA_Wages_Total – FICA_125_Total
FICA Taxable Earnings = 63354.05 – 1850.74 = 61503.31
FICA Taxable Earnings = FICA_Wages_Total – FICA_125_Total
FICA Taxable Earnings = 63354.05 – 1850.74 = 61503.31
At line 228 changed 2 lines
FICA ER this pay = FICA ER Contribution – FICA ER YTD so far
FICA ER this pay = 3813.21 – 3459.44 = 353.77 (RPREGC slight rounding 353.80)
FICA ER this pay = FICA ER Contribution – FICA ER YTD so far
FICA ER this pay = 3813.21 – 3459.44 = 353.77 (RPREGC slight rounding 353.80)
At line 240 changed 2 lines
MEDI ER this pay = MEDI ER Contribution – MEDI ER YTD so far
MEDI ER this pay = 891.80 – 809.06 = 82.74 (RPREGC slight rounding 82.75)
MEDI ER this pay = MEDI ER Contribution – MEDI ER YTD so far
MEDI ER this pay = 891.80 – 809.06 = 82.74 (RPREGC slight rounding 82.75)
At line 244 changed one line
!Railroad – Tier1 Tax Example
!Railroad – Tier1 Tax Example
At line 253 changed 2 lines
PC 8005 FIT Earn = FIT Wages – 125 - 401K = 6153.82 –194.22 – 225.31 = 5734.29
PC 8201 RR Tier1 Soc ER Earn = RRTA Wages – 125 = 6079.97 –194.22 = 5885.75
PC 8005 FIT Earn = FIT Wages – 125 - 401K = 6153.82 –194.22 – 225.31 = 5734.29
PC 8201 RR Tier1 Soc ER Earn = RRTA Wages – 125 = 6079.97 –194.22 = 5885.75
At line 256 changed one line
(1) RRTA – No Self Adjust Method
(1) RRTA – No Self Adjust Method
At line 263 changed one line
- For Railroad Taxation, if an employee has FICA contribution during the year, this means the employee works between the Railroad and Non-Railroad Assignments. In this case, please check if the ‘RR Self-Adjust’ Method should be used for this Employee or not.
- For Railroad Taxation, if an employee has FICA contribution during the year, this means the employee works between the Railroad and Non-Railroad Assignments. In this case, please check if the ‘RR Self-Adjust’ Method should be used for this Employee or not.
At line 265 changed one line
- The reason is, if ‘RR Self-Adjust’ method is defined on IPRLU, this method is applicable for both RR Tier1 and Tier2 calculation, but since Regular FICA does not have a Tier2 calculation, the ‘RR Self-Adjust’ method will automatically re-adjust all Earnings that include YTD FICA Earnings that are not subject to Tier2 calculation, this would cause the entire YTD Earnings to subject to Tier2 tax
- The reason is, if ‘RR Self-Adjust’ method is defined on IPRLU, this method is applicable for both RR Tier1 and Tier2 calculation, but since Regular FICA does not have a Tier2 calculation, the ‘RR Self-Adjust’ method will automatically re-adjust all Earnings that include YTD FICA Earnings that are not subject to Tier2 calculation, this would cause the entire YTD Earnings to subject to Tier2 tax
At line 267 changed one line
- since employee should only pay Tier2 tax for the Earnings that are earned for Railroad employment, if employee has FICA contribution, the user should verify if this employee should use the ‘Self-Adjust’ method to re-calculate all Tier2 tax or just to use ‘RR No Self-Adjust’ method.
- since employee should only pay Tier2 tax for the Earnings that are earned for Railroad employment, if employee has FICA contribution, the user should verify if this employee should use the ‘Self-Adjust’ method to re-calculate all Tier2 tax or just to use ‘RR No Self-Adjust’ method.
At line 269 changed one line
- Next page example shows the ‘RR Self-Adjust method’ and should be used when Employee does not have FICA employment
- Next page example shows the ‘RR Self-Adjust method’ and should be used when Employee does not have FICA employment
At line 273 changed one line
(2) RRTA – Self Adjust Method
(2) RRTA – Self Adjust Method
At line 282 changed one line
If RRTA Earnings (RRTA_Wages.ctd) is different than FIT Earnings (FIT_Wages.ctd), then calculate the difference between the Wages for RRTA and FIT (i.e. Usage 6306 – Usage 6051), called this Additional RRTA Wages
If RRTA Earnings (RRTA_Wages.ctd) is different than FIT Earnings (FIT_Wages.ctd), then calculate the difference between the Wages for RRTA and FIT (i.e. Usage 6306 – Usage 6051), called this Additional RRTA Wages
At line 285 changed one line
CTD Addn FICA Wages: 6079.97 – 6153.82 = -73.85 (negative means RRTA Earn < Pre-FWT Earn)
CTD Addn FICA Wages: 6079.97 – 6153.82 = -73.85 (negative means RRTA Earn < Pre-FWT Earn)
At line 289 changed one line
YTD Addn FICA Wages: 57654.05 – 58423.53 = -769.48 (negative means RRTA Earn < Pre-FWT Earn)
YTD Addn FICA Wages: 57654.05 – 58423.53 = -769.48 (negative means RRTA Earn < Pre-FWT Earn)
At line 317 changed 2 lines
RRTA Taxable Earnings = RRTA_Wages_Total – RRTA_125_Total
RRTA Taxable Earnings = 69434.02 – 2044.46 = 67389.56
RRTA Taxable Earnings = RRTA_Wages_Total – RRTA_125_Total
RRTA Taxable Earnings = 69434.02 – 2044.46 = 67389.56
At line 325 changed 2 lines
RRTA Tier1 ER this pay = RRTA ER Contribution – RRTA ER YTD so far
RRTA Tier1 ER this pay = 4178.15 – 3813.24 = 364.81
RRTA Tier1 ER this pay = RRTA ER Contribution – RRTA ER YTD so far
RRTA Tier1 ER this pay = 4178.15 – 3813.24 = 364.81
This page (revision-35) was last changed on 26-Nov-2021 10:22 by mmcfarlandTop