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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32 26-Nov-2021 10:22 17 KB rforbes to previous | to last PR_US_Federal_Tax_Calc ==> Taxation - US Federal
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Page References

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

Version management

Difference between version and

At line 5 changed 12 lines
!!!Federal Tax Calculation
!!General Set Up
__UDGNIS__\\This is the process to load all US Tax jurisdictions into [IDCO], [IDSP], [IDCN], [IDCI], [IDMN], [IDSD], [IDZR], and [IDTX]. \\ \\
__UPUTR__\\ This is the process to load all US Tax Rates and States Miscellaneous parameters.\\ After UPUTR is run, the applicable Tax Rates and Miscellaneous Parameters can be viewed by State in [IPUTR] and [IPUTP].\\ \\
__IPUTR__\\ US Tax Rates can be viewed by State and the Overridden Rates and Wage Base entered.\\ Some SUTA surcharge calculations for specific states can be suppressed by checking the 'Do not Calculate' toggle. \\ \\
__IPUTP__\\ The US Tax Miscellaneous parameters can be be viewed by the States that are applicable for [IPRLU]. \\ \\
__IDGV__\\ This form can 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.\\ \\
__IPPC__\\ Pay components must be set up with applicable [IPCU] PC Usages for US taxation.\\ \\
__IDTX__ Applicable Tax Jurisdictions that are paid by employees are entered here. On the [IPPH]/[IEPI], [IEAS], [IDLN], etc. forms that require a tax jurisdiction, the 'Tax Jurisdiction Editor Utility' dialog box can be used to enter the jurisdiction on [IDTX].\\ \\
__IPRLU/IPRLUS__\\ Each employee must be set up with the applicable tax methods. Miscellaneous Tax parameters must be set up by the states that need to be paid.\\ \\
__UPRLU__\\ This process audits the US Tax Filing Information and generates [IPRLU] Miscellaneous Tax Parameters information according to [IMCT] set up.\\ \\
__IPPH__\\
!!Federal Tax Calculation
!General Set Up
[UDGNIS]: This is the process to load all US Tax jurisdictions into [IDCO], [IDSP], [IDCN], [IDCI], [IDMN], [IDSD], [IDZR], and [IDTX]. \\ \\
[UPUTR]: This is the process to load all US Tax Rates and States Miscellaneous parameters.\\ After UPUTR is run, the applicable Tax Rates and Miscellaneous Parameters can be viewed by State in [IPUTR] and [IPUTP].\\ \\
[IPUTR]: US Tax Rates can be viewed by State and the Overridden Rates and Wage Base entered.\\ Some SUTA surcharge calculations for specific states can be suppressed by checking the 'Do not Calculate' toggle. \\ \\
[IPUTP]: The US Tax Miscellaneous parameters can be be viewed by the States that are applicable for [IPRLU]. \\ \\
[IDGV]: This form can 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.\\ \\
[IPPC]: Pay components must be set up with applicable [IPCU] PC Usages for US taxation.\\ \\
[IDTX]: Applicable Tax Jurisdictions that are paid by employees are entered here. On the [IPPH]/[IEPI], [IEAS], [IDLN], etc. forms that require a tax jurisdiction, the 'Tax Jurisdiction Editor Utility' dialog box can be used to enter the jurisdiction on [IDTX].\\ \\
[IPRLU]/[IPRLUS]: Each employee must be set up with the applicable tax methods. Miscellaneous Tax parameters must be set up by the states that need to be paid.\\ \\
[UPRLU]: This process audits the US Tax Filing Information and generates [IPRLU] Miscellaneous Tax Parameters information according to [IMCT] set up.\\ \\
[IPPH]:
At line 26 changed 3 lines
On [IPUTP], the following Federal tax parameters are available to be used on the [IPRLU]/[IPRLUS] forms:
* IRS_MAX_EXEMPTIONS
* APPLY_BENEFIT_WAGE_LIMIT
On [IPUTP], the following Federal tax parameters are available to be used on [IPRLU]/[IPRLUS].
At line 39 changed 3 lines
__APPLY_BENEFIT_WAGE_LIMIT__
*Optional, alphanumeric
*Allows a user to specify if the Benefit Annual Wage Limit should be applied by the SymmetryTaxEngine when an employee’s wages reach the $250 000 limit. By applying the limit, when an employee reaches the limit (Regular and Supplemental wages combined), the employee’s 401k / 457 deductions become taxable. By not applying the annual limit, when an Employee reaches this annual wage the deductions are not taxable for Federal. This is typically used when an employee’s Supplemental wages should Not be considered in the annual wage equation.
__401K_CATCHUP__
(Obsolete, removed from [IPUTP])
*Optional, character, 401K Limit Catch Up Option
*Indicates to Symmetry if the employee is enrolled in a 401k catch-up plan
*The annual regular 401k contribution limit is defined by the IRS, e.g. $16,500. If a user is enrolled in the 401k plan with an annual contribution limit greater than this regular limit, this parameter allows the 401k maximum contribution to exceed the IRS limit for Benefit Pre-tax calculation
*'DEFAULT' and 'NO' Catch Ups are not allowed, 'YES'-Catch Up is allowed.
*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 49 changed one line
%%warning __IMPORTANT:__ For the ER_FUTA identifier, users MUST enter their own Employer FUTA rate (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, users MUST enter their own Employer FUTA rate (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 52 changed 3 lines
Both [IPRLU] and [IPRLUS] can be used to maintain US Tax Filing Information for an employee.\\
__IPRLU__ contains all US Tax Filing Information for both Vertex and Symmetry Tax users. \\
__IPRLUS__ contains the US Tax Filing Information for Symmetry Tax users only:
Both [IPRLU] and [IPRLUS] can be used to maintain US Tax Filing Information for an employee.
[IPRLU] contains all US Tax Filing Information for both Vertex and Symmetry Tax users. \\
[IPRLUS] contains the US Tax Filing Information for Symmetry Tax users only
At line 58 changed one line
* For Federal Tax Calculation, the '# of Exemptions' must be entered on the [Federal|IPRLU#FederalTab] tab, if an employee has an IRS letter that indicates the maximum number of exemptions allowed. Then, on either the [Miscellaneous|IPRLU#MiscellaneousTab] tab or the [State|IPRLU#StateTab] tab, the IRS_MAX_EXEMPTIONS Misc. Identifier must be defined.
For Federal Tax Calculation, the '# of Exemptions' must be entered on the [Federal|IPRLU#FederalTab] tab, if an employee has an IRS letter that indicates the maximum number of exemptions allowed. Then, on either the [Miscellaneous|IPRLU#MiscellaneousTab] tab or the [State|IPRLU#StateTab] tab, the IRS_MAX_EXEMPTIONS Misc. Identifier must be defined.
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When an Employee works for Regular Employment and Railroad Employment, FICA YTD and RRTA YTD are both used in the FICA calculation.
Employee works for Regular Employment and Railroad Employment. FICA YTD and RRTA YTD are both used in the FICA calculation.
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\\
\\ \\
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__FICA ER - Self Adjust Method__\\
__FICA ER - Self Adjust Method__
This page (revision-35) was last changed on 26-Nov-2021 10:22 by mmcfarlandTop