This page (revision-7) was last changed on 26-Nov-2021 10:22 by jescott

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

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Page References

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US Self Adjust Tax Method
US Self Adjust Tax Method

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Difference between version and

At line 99 changed one line
- Employee is paid the first pay in year 2012, UPCALC Pay Register shows the Subject Earnings of FUTA, Medicare, FICA are correct after applying 125 plan, 401K, Custom benefits and Imputed income
Employee is paid the first pay in year 2012, UPCALC Pay Register shows the Subject Earnings of FUTA, Medicare, FICA are correct after applying 125 plan, 401K, Custom benefits and Imputed income
At line 101 changed 3 lines
- IPRLU FUTA, Medicare and FICA are calculated with Self Adjust Methods, for this first pay of the year, tax results are simply equal to Subject Earnings * Rate
6030 Medicare EE 35.34 (correct)
8031 Med EE Earns 2437.52 2437.52 * 0.0145 = 35.34
IPRLU FUTA, Medicare and FICA are calculated with Self Adjust Methods, for this first pay of the year, tax results are simply equal to Subject Earnings * Rate \\
At line 105 changed 2 lines
6031 FICA EE 102.38 (correct)
8037 FICA EE Earns 2437.52 2437.52 * 0.042 = 102.38
*6030 Medicare EE 35.34 (correct)
*8031 Med EE Earns 2437.52 2437.52 * 0.0145 = 35.34\\
At line 108 changed 2 lines
7030 Medicare ER 35.34 (correct)
8035 Med ER Earns 2437.52 2437.52 * 0.0145 = 35.34
*6031 FICA EE 102.38 (correct)
*8037 FICA EE Earns 2437.52 2437.52 * 0.042 = 102.38
At line 111 changed 2 lines
7031 FICA ER 151.13 (correct)
8039 FICA ER Earns 2437.52 2437.52 * 0.062 = 151.13
*7030 Medicare ER 35.34 (correct)
*8035 Med ER Earns 2437.52 2437.52 * 0.0145 = 35.34
At line 114 changed 2 lines
7032 FUTA ER 12.57 (correct)
8027 FUTA EARN 2095.05 2095.05 * 0.006 = 12.57
*7031 FICA ER 151.13 (correct)
*8039 FICA ER Earns 2437.52 2437.52 * 0.062 = 151.13
At line 117 changed one line
- UPCLOZ is run and YTD records are created for 2012
*7032 FUTA ER 12.57 (correct)
*8027 FUTA EARN 2095.05 2095.05 * 0.006 = 12.57
At line 119 changed one line
- then suppose a mistake was made in this pay with some earnings and taxable benefits, therefore an Adjustment Pay is issued to correct the YTD Subject Earnings and taxable benefits
UPCLOZ is run and YTD records are created for 2012
At line 121 changed one line
- please see below for the YTD Adjustments, then after the Adjustment pay, when a regular pay is paid, the Self-Adjust method will adjust FUTA, FICA, Medicare contributions
Then suppose a mistake was made in this pay with some earnings and taxable benefits, therefore an Adjustment Pay is issued to correct the YTD Subject Earnings and taxable benefits
At line 122 added 2 lines
Please see below for the YTD Adjustments, then after the Adjustment pay, when a regular pay is paid, the Self-Adjust method will adjust FUTA, FICA, Medicare contributions
This page (revision-7) was last changed on 26-Nov-2021 10:22 by jescottTop