This page (revision-42) 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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Version Date Modified Size Author Changes ... Change note
42 26-Nov-2021 10:22 17 KB mmcfarland to previous
41 26-Nov-2021 10:22 17 KB mmcfarland to previous | to last

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US Federal Tax Calculation
US Federal Tax Calculation

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At line 28 added 6 lines
;401K_CATCHUP:
*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 the user is enrolled in 401k plan with 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'-Catch Up is not allowed, 'YES'-Catch Up is allowed, 'NO'-Catch Up is not allowed.
*If 401K Catch up option is applicable to all employees, user can enter ‘YES’ in IPUTP Default Value, otherwise each employee can specify the value for this option on IPRLU /IPRLUS screen
At line 29 changed 6 lines
401K_CATCHUP
- 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 the user is enrolled in 401k plan with 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'-Catch Up is not allowed, 'YES'-Catch Up is allowed, 'NO'-Catch Up is not allowed.
- If 401K Catch up option is applicable to all employees, user can enter ‘YES’ in IPUTP Default Value, otherwise each employee can specify the value for this option on IPRLU /IPRLUS screen
;IRS_MAX_EXEMPTIONS:
*Optional, numeric, IRS maximum number of exemptions allowed
*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 36 removed 7 lines
IRS_MAX_EXEMPTIONS
- Optional, numeric, IRS maximum number of exemptions allowed
- 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
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*on IPUTR screen, user can select the State = ‘Federal’ to view the Federal Tax Rates.
*each Tax Identifier may provide the default Tax Rates, Wage Base to be used for Federal Tax calculation
At line 47 changed one line
%%warning __IMPORTANT__ - For ER_FUTA Identifier, user MUST enter their own Employer FUTA rate that 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%%
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- on IPUTR screen, user can select the State = ‘Federal’ to view the Federal Tax Rates.
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- each Tax Identifier may provide the default Tax Rates, Wage Base to be used for Federal Tax calculation
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IMPORTANT:
- for ER_FUTA Identifier, user MUST enter their own Employer FUTA rate that 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 58 removed 5 lines
This page (revision-42) was last changed on 26-Nov-2021 10:22 by mmcfarlandTop