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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35 26-Nov-2021 10:22 17 KB mmcfarland to previous
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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
29 26-Nov-2021 10:22 17 KB jmyers to previous | to last
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22 26-Nov-2021 10:22 18 KB jmyers to previous | to last
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

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!Overview
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!!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]: The [Pay Header|IPPH#PayHeaderTab] tab must define the default Work and Home jurisdictions.\\ The [Pay Lines|IPPH#PayLinesTab] tab, Jurisdiction field must define the Work Jurisdiction of this pay line.\\ After the Trial Calc or [UPCALC], the [Pay Amounts|IPPH#PayAmountsTab] tab contains all US Taxation amounts, in summary, that are used for the calculation of net pay.\\ The [Pay Jurisdiction|IPPH#PayJurisdictionTab] tab contains the default Work and Home jurisdictions.\\ After Trial Calc or [UPCALC], the [Pay Jurisdiction|IPPH#PayJurisdictionTab] tab contains all US Taxation amounts, by jurisdictions, in detail.\\ \\
!!!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__\\
*The 'Pay Header' tab must define the default Work and Home jurisdictions.
*The 'Pay Lines' tab, 'Jurisdiction' field must define the Work Jurisdiction of this pay line.
* After the Trial Calc or [UPCALC], the 'Pay Amounts' tab contains all US Taxation amounts, in summary, that are used for the calculation of net pay.
*The 'Pay Jurisdiction' tab contains the default Work and Home jurisdictions.
*After Trial Calc or [UPCALC], the 'Pay Jurisdiction' tab contains all US Taxation amounts, by jurisdictions, in detail.\\ \\
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On [IPUTP], the following Federal tax parameters are available to be used on [IPRLU]/[IPRLUS].
On [IPUTP], the following Federal tax parameters are available to be used on the [IPRLU]/[IPRLUS] forms:
* IRS_MAX_EXEMPTIONS
* APPLY_BENEFIT_WAGE_LIMIT
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\\ \\
__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].
\\
__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.
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%%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.%%
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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:
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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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Employee works for Regular Employment and Railroad Employment. FICA YTD and RRTA YTD are both used in the FICA calculation.
When an Employee works for Regular Employment and Railroad Employment, FICA YTD and RRTA YTD are both used in the FICA calculation.
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This employee uses the 'Self-Adjust Method'.
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__FICA ER - Self Adjust Method__
__FICA ER - Self Adjust Method__\\
This employee uses the 'Self-Adjust Method'. \\
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The next example shows the 'RR Self-Adjust' method and should be used when the employee does not have FICA employment.
The next example shows the 'RR Self-Adjust' method and should be used when the employee does not have FICA employment. \\
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This page (revision-35) was last changed on 26-Nov-2021 10:22 by mmcfarlandTop