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Page References

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US BENEFIT TYPES
US BENEFIT TYPES

Version management

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At line 10 changed one line
STE will determine the pre-tax status of the nine predefined benefit types for each of the taxes calculated.
STE will determine the pretax status of the nine predefined benefit types for each of the taxes calculated.
At line 73 changed one line
If a client has benefit plans other than the nine pre-defined benefit types listed in the previous chapter whose deductions affect employee taxable wages, the custom benefit types may be set up. You can define up to ten different custom benefit types.
If a client has benefit plans, other than the listed nine pre-defined benefit types, whose deductions affect employee taxable wages, the custom benefit types may be set up. You can define up to ten different custom benefit types.
At line 75 changed 2 lines
You must configure the Pre-Tax criteria for Federal, State, Local level taxation on [IPPC].
(This may also be entered on [IPCU] by a PC Usage with the same Pre-Tax criteria of the defined pay component).
You must configure the pretax criteria for Federal, State, Local level taxation on [IPPC].
(This may also be entered on [IPCU] by a PC Usage with the same pretax criteria of the defined pay component).
At line 83 changed one line
The [IPPC] element that made up the Benefit Pre-Tax Amounts can be varied by state and will be described further on.
The [IPPC] element that made up the Benefit Pretax Amounts can be varied by state and will be described further on.
At line 88 changed one line
|7801|Federal and State|TX-BEN-01|User Defined Benefit contributions to be exempt from Regular Federal and State Withholding tax\\ \\If this is to be used, a pay component must be set up with this PC Usage\\ \\IPPC Store Results - optional\\ \\On the IPPC Header block, click 'Show User Fields' and specify the Pre-Tax criteria \\ \\You can also enter the same Pre-Tax criteria on IPCU Pay Component block by clicking ‘Show User Fields’|4.10
|7801|Federal and State|TX-BEN-01|User-defined Benefit contributions to be exempt from Regular Federal and State Withholding tax\\ \\If this is to be used, a pay component must be set up with this PC Usage\\ \\IPPC Store Results - optional\\ \\On the [IPPC] Header block, click 'Show User Fields' and specify the Pretax criteria \\ \\You can also enter the same Pretax criteria on the [IPCU] Pay Component block by clicking 'Show User Fields'|4.10
At line 98 changed one line
|7821|Federal and State|TX-BENSUP-01\\ \\Optional|User Defined Benefit contributions to be exempt from Supplemental Federal and State Withholding tax\\ \\This usage works in conjunction with usage 7801 except this is for Suppl Earnings\\ \\IPPC Element (e.g. TX-BENSUP-01) are made up with list of Benefit pay components that are calculated based on Supplemental Earnings\\ \\If this usage is not set up, Usage 7801 amount will be prorated with the Regular and Supplemental Earnings to derive the Suppl Benefit amount\\ \\If this usage has an empty Element (i.e. Element amount = 0), then no proration between Reg / Sup Earnings|4.10
|7821|Federal and State|TX-BENSUP-01\\ \\Optional|User Defined Benefit contributions to be exempt from Supplemental Federal and State Withholding tax\\ \\This usage works in conjunction with usage 7801 except this is for Suppl Earnings\\ \\IPPC Element (e.g. TX-BENSUP-01) are made up with list of Benefit pay components that are calculated based on Supplemental Earnings\\ \\If this usage is not set up, Usage 7801 amount will be prorated with the Regular and Supplemental Earnings to derive the Suppl Benefit amount\\ \\If this usage has an empty element (i.e. Element Amount = 0), then no proration between Reg / Sup Earnings|4.10
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!!Benefit PC Usages – Legacy User Set Up
!!Benefit PC Usages - Legacy User Set Up
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|6053|Fed|UFWT125|125 plan contributions exempt from Federal Withholding Tax\\ \\Mandatory if 125 is applicable\\ \\Pay Component must be set up\\ \\IPPC Store Results - optional|Legacy|Yes
|6053|Fed|UFWT125|125 plan contributions exempt from Federal Withholding Tax\\ \\Mandatory if 125 is applicable\\ \\A pay component must be set up.\\ \\IPPC Store Results - optional|Legacy|Yes
At line 125 changed 2 lines
;Option 1:Retain PC usages 6053 to 6657 as above to support 125 and 401K plan exemptions\\UPCALC will use these PC Usages to calculate 125 and 401K exemptions for tax calculation.\\ \\
;Option 2:Set up Benefit PC Usages 7901 to 7979 for 125, 401K, 403B, 457 etc.\\If the first Benefit PC Usage 7901 is set up, this means the entire set of PC Usages 7901 to 7979 will replace PC Usages 6053 to 6657\\UPCALC will ignore the old PC Usages 6053 to 6657 set up.
;Option 1:Retain PC usages 6053 to 6657 as above to support 125 and 401K plan exemptions\\[UPCALC] will use these PC Usages to calculate 125 and 401K exemptions for tax calculation.\\ \\
;Option 2:Set up Benefit PC Usages 7901 to 7979 for 125, 401K, 403B, 457 etc.\\If the first Benefit PC Usage 7901 is set up, this means the entire set of PC Usages 7901 to 7979 will replace PC Usages 6053 to 6657\\[UPCALC] will ignore the old PC Usages 6053 to 6657 set up.
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%%information It is advised that you switch to using the new Symmetry Benefit Types if your company offers a variety of the plan exemptions that were originally housed together in the 401k type element (ie: 401K & 457). This is advised since Symmetry requires the UPCALC to pass in the CTD and YTD value for each of the benefit types supported.\\ \\If you continue to use the Vertex method and have an employee who has both a 401K and 457 for example, if the 401k element YTD reaches the annual contribution limit for 401K, the employee's Federal and State earnings will no longer be reduced by the 401k and 457 amounts as the system will think the employee has reached the 401K annual limit when in fact they haven't.%%
%%information It is advised that you switch to using the new Symmetry Benefit types if your company offers a variety of the plan exemptions that were originally housed together in the 401k type element (ie: 401K & 457). This is advised since Symmetry requires the [UPCALC] to pass in the CTD and YTD value for each of the benefit types supported.\\ \\If you continue to use the Vertex method and have an employee who has both a 401K and 457 for example, if the 401k element YTD reaches the annual contribution limit for 401K, the employee's Federal and State earnings will no longer be reduced by the 401k and 457 amounts as the system will think the employee has reached the 401K annual limit when in fact they haven't.%%
At line 130 changed one line
For Symmetry users or converted users, if a particular Benefit Type is to be used, you should set up a Pay Component on IPPC with the PC Usage as defined above.
For Symmetry users or converted users, if a particular Benefit type is to be used, you should set up a pay component on [IPPC] with the PC Usage as defined above.
At line 132 changed one line
If the Benefit Type is made up by an element, then specify the Element name. (e.g. 125 Regular - proration logic here.)
If the Benefit type is made up by an element, then specify the element name. (e.g. 125 Regular - proration logic here.)
At line 136 changed one line
!!Benefit PC Usages – Symmetry User Set Up
!!Benefit PC Usages - Symmetry User Set Up
At line 138 changed one line
!Federal Level – Nine Pre-defined Benefits
!Federal Level - Nine Pre-defined Benefits
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At Federal level for the 9 pre-defined Benefit types, Usages 7901 to 7909 (suggested Element UFWT125 to UFWTIRA) must be set up with IPPC pay component for Regular Federal Withholding tax calculation if any of these PC usages are applicable.
At Federal level for the nine pre-defined Benefit types, Usages 7901 to 7909 (suggested Element UFWT125 to UFWTIRA) must be set up with IPPC pay component for Regular Federal Withholding tax calculation if any of these PC usages are applicable.
This page (revision-15) was last changed on 26-Nov-2021 10:22 by jescottTop