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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Version Date Modified Size Author Changes ... Change note
7 26-Nov-2021 10:22 9 KB jescott to previous
6 26-Nov-2021 10:22 9 KB jescott to previous | to last
5 26-Nov-2021 10:22 9 KB jescott to previous | to last
4 26-Nov-2021 10:22 9 KB jescott to previous | to last
3 26-Nov-2021 10:22 9 KB jescott to previous | to last
2 26-Nov-2021 10:22 9 KB jescott to previous | to last
1 26-Nov-2021 10:22 4 KB jescott to last

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US Self Adjust Tax Method
US Self Adjust Tax Method

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Difference between version and

At line 59 added one line
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At line 69 added one line
At line 103 changed 2 lines
*6030 Medicare EE 35.34 (correct)
*8031 Med EE Earns 2437.52 2437.52 * 0.0145 = 35.34\\
*PC 6030 Medicare EE $35.34 (correct)
*PC 8031 Med EE Earns $2437.52 (2437.52 * 0.0145 = 35.34)
At line 106 changed 2 lines
*6031 FICA EE 102.38 (correct)
*8037 FICA EE Earns 2437.52 2437.52 * 0.042 = 102.38
*PC 6031 FICA EE $102.38 (correct)
*PC 8037 FICA EE Earns $2437.52 (2437.52 * 0.042 = 102.38)
At line 109 changed 2 lines
*7030 Medicare ER 35.34 (correct)
*8035 Med ER Earns 2437.52 2437.52 * 0.0145 = 35.34
*PC 7030 Medicare ER $35.34 (correct)
*PC 8035 Med ER Earns $2437.52 (2437.52 * 0.0145 = 35.34)
At line 112 changed 2 lines
*7031 FICA ER 151.13 (correct)
*8039 FICA ER Earns 2437.52 2437.52 * 0.062 = 151.13
*PC 7031 FICA ER $151.13 (correct)
*PC 8039 FICA ER Earns $2437.52 (2437.52 * 0.062 = 151.13)
At line 115 changed 2 lines
*7032 FUTA ER 12.57 (correct)
*8027 FUTA EARN 2095.05 2095.05 * 0.006 = 12.57
*PC 7032 FUTA ER $12.57 (correct)
*PC 8027 FUTA EARN $2095.05 (2095.05 * 0.006 = 12.57)
At line 126 changed one line
- Assume Regular Earnings was overpaid by 200.00, Supplemental Earnings was overpaid by 100, therefore negative earnings are entered as Reg Earns = -200.00, Sup Earns = -100.00
Assume the Regular Earnings were overpaid by $200.00, Supplemental Earnings was overpaid by $100.00, therefore the negative earnings are entered as Reg Earns = $-200.00, Sup Earns = $-100.00
At line 128 changed one line
- Assume 125 plan and 401K plan were over deducted, therefore negative 125 and 401K are entered to refund the employee, 125 plan = -20.00, 401K = -10.00
Assume the 125 plan and 401K plan were over deducted, therefore negative 125 and 401K are entered to refund the employee, 125 plan = -20.00, 401K = -10.00
At line 130 changed one line
- in this Adjustment pay, the Subject Earnings are adjusted as follow:
In this Adjustment pay, the Subject Earnings are adjusted as follow:
At line 132 changed 2 lines
8005 FIT EARN -180.00
8015 FSP EARN -90.00
*PC 8005 FIT EARN $-180.00
*PC 8015 FSP EARN $-90.00
At line 135 changed 9 lines
FIT Earn = Reg Earn – Benefits portion of Reg Earn
FSP Earn = Fsp Earn – Benefits portion of Fsp Earn
Total Pre-tax Benefits for Fed tax= 125 plan + 401K
= -20 + (-10) = -30
Benefits portion of Reg Earn = Reg Earn / (Reg Earn + Sup Earn) * Taxable Benefits
= -200 / (-200 + -100) * -30
= -200 / -300 * -30
= -20
FIT Earn = -200 – (-20) = -180 (correct)
FIT Earn = Reg Earn – Benefits portion of Reg Earn \\
At line 145 changed 5 lines
Benefits portion of Sup Earn = Sup Earn / (Reg Earn + Sup Earn) * Taxable Benefits
= -100 / (-200 + -100) * -30
= -100 / -300 * -30
= -10
FSP Earn = -100 – (-10) = -90 (correct)
FSP Earn = Fsp Earn – Benefits portion of Fsp Earn \\
At line 141 added one line
Total Pre-tax Benefits for Fed tax = 125 plan + 401K \\
At line 152 changed one line
8027 FUTA EARN -280.00
= -20 + (-10) = -30 \\
\\
Benefits portion of Reg Earn = Reg Earn / (Reg Earn + Sup Earn) * Taxable Benefits \\
= -200 / (-200 + -100) * -30 \\
= -200 / -300 * -30 \\
= -20 \\
FIT Earn = -200 – (-20) = -180 (correct) \\
Benefits portion of Sup Earn = Sup Earn / (Reg Earn + Sup Earn) * Taxable Benefits \\
= -100 / (-200 + -100) * -30 \\
= -100 / -300 * -30 \\
= -10 \\
FSP Earn = -100 – (-10) = -90 (correct)
PC 8027 FUTA EARN -280.00
This page (revision-7) was last changed on 26-Nov-2021 10:22 by jescottTop