This page (revision-22) 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
22 26-Nov-2021 10:22 25 KB mmcfarland to previous
21 26-Nov-2021 10:22 25 KB mmcfarland to previous | to last

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US Taxation Supplemental Pay Processing
US Taxation Supplemental Pay Processing

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At line 18 changed one line
INSERT IMAGE
[US_Taxation _Supplemental Pay Processing_01.JPG]
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On IPPH ‘PAY JURISDICTION’ Tab, user can click the Jurisdiction ’00-000-0000 Federal’ entry and scroll down the ‘Tax Identifier’ list, the prorated 125 and 401K amounts are stored as ‘Pre-FWT 125 Exemption - Supplemental Tax (PPE)’ etc.
On IPPH ‘PAY JURISDICTION’ tab, user can click the Jurisdiction ’00-000-0000 Federal’ entry and scroll down the ‘Tax Identifier’ list, the prorated 125 and 401K amounts are stored as ‘Pre-FWT 125 Exemption - Supplemental Tax (PPE)’ etc.
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|PC 1010 Regular Earnings 2307.6900
PC 2002 Bonus $ 1000.0000
PC 4020 Medical EE (sect125) 50.0000
PC 4041 401K Dedn 33.0800
PC 6000 Fed Tax 386.9200
PC 6003 Fed Supp Tax 250.0000
PC 6055 Res SIT Tax 136.0000
PC 6057 Res Supp Tax 63.0000
PC 8000 Fed Tax Earns 2224.6100
PC 8010 Fed Sup Earns 1000.0000
PC 8055 Res SIT Earn 2224.6100
PC 8058 Res Supp Earn 1000.0000
PC 8400 Pre-Fed Earnings 2307.6900
PC 8403 Pre-Fed Sup Ern 1000.0000
PC 8153 Pre Fed 125 Earn 50.0000
PC 8154 Pre Fed 401 Earn 33.0800
PC 8551 Pre-SIT Earnings 2307.6900
PC 8453 Pre-SIT Suppl Earns 1000.0000
PC 8353 Pre-SIT 125 50.0000
PC 8354 Pre-SIT 401/403/457 33.0800
|PC 1010 Regular Earnings | 2307.6900
|PC 2002 Bonus $ | 1000.0000
|PC 4020 Medical EE (sect125)| 50.0000
|PC 4041 401K Dedn | 33.0800
|PC 6000 Fed Tax | 386.9200
|PC 6003 Fed Supp Tax | 250.0000
|PC 6055 Res SIT Tax | 136.0000
|PC 6057 Res Supp Tax | 63.0000
|PC 8000 Fed Tax Earns | 2224.6100
|PC 8010 Fed Sup Earns| 1000.0000
|PC 8055 Res SIT Earn| 2224.6100
|PC 8058 Res Supp Earn | 1000.0000
|PC 8400 Pre-Fed Earnings| 2307.6900
|PC 8403 Pre-Fed Sup Ern | 1000.0000
|PC 8153 Pre Fed 125 Earn | 50.0000
|PC 8154 Pre Fed 401 Earn | 33.0800
|PC 8551 Pre-SIT Earnings| 2307.6900
|PC 8453 Pre-SIT Suppl Earns| 1000.0000
|PC 8353 Pre-SIT 125|50.0000
|PC 8354 Pre-SIT 401/403/457|33.0800
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Pre-Fed Earnings 2307.6900
Pre Fed 125 Earn - 50.0000
Pre Fed 401 Earn - 33.0800
Fed Tax Earns 2224.6100
|Pre-Fed Earnings|2307.6900
|Pre Fed 125 Earn|-50.0000
|Pre Fed 401 Earn|-33.0800
|Fed Tax Earns|2224.6100
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3 State Level
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3.1 State Supplemental Pay
!!State Level
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!State Supplemental Pay
*At the State Level, Symmetry Tax Engine uses the following tax methods to calculate tax on supplemental wages: **Flat
**Current Aggregation
**Previous Aggregation
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• At the State Level, Symmetry Tax Engine uses the following tax methods to calculate tax on supplemental wages:
*UPCALC needs to pass one of these Supplemental Tax Methods to the Symmetry Tax Engine
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‘Flat’, ‘Current Aggregation’, ‘Previous Aggregation’
*For State that has a specific Supplemental Flat percentage, the ‘Flat Rate Method’ can be used
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• UPCALC needs to pass one of these Supplemental Tax Methods to the Symmetry Tax Engine
*Not all States have a specific flat percentage for Supplemental wages, for these States, the ‘Current Aggregation’ method should be used.
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• For State that has a specific Supplemental Flat percentage, the ‘Flat Rate Method’ can be used
*The current aggregation method adds the regular wages to the supplemental wages and computes withholding using the annualized method on the combined total. The difference between the withholding on the combined total (regular and supplemental) and the withholding on regular wages is the supplemental wage withholding.
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• Not all States have a specific flat percentage for Supplemental wages, for these States, the ‘Current Aggregation’ method should be used.
*The ‘Previous Aggregation’ Method will not be supported until there is a need to use this method
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• The current aggregation method adds the regular wages to the supplemental wages and computes withholding using the annualized method on the combined total. The difference between the withholding on the combined total (regular and supplemental) and the withholding on regular wages is the supplemental wage withholding.
*On next page, a list is shown for States that are with and without the Supplemental Tax Percent
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• The ‘Previous Aggregation’ Method will not be supported until there is a need to use this method
*From this list, the following sStates do not supply a Flat percent and therefore the ‘Current Aggregation’ method is used in order to calculate State Sup Tax:
**AK
**AZ
**CT
**DE
**FL
**HI
**KY
**LA
**MA
**MD
**MS
**NH
**NJ
**SD
**TN
**TX
**UT
**WA
**WY
**PR
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• On next page, a list is shown for States that are with and without the Supplemental Tax Percent
*From this list, the remaining states will use the ‘Flat’ method in order to calculate State Sup Tax
*From this State list, the Default Supplemental Tax Method is set for each State internally by the System
*Depending on if the Supplemental Wages are paid WITH or WITHOUT the Regular Wages, each State may provide different method to calculate the State Supplemental Tax, please read below
*At Employee level on IPRLU, the employee will specify the State Supplemental Tax Method that determines if the Supplemental tax is to be calculated for this employee for a pay
*If State Supplemental tax is to be calculated by Symmetry, then the Default Sup Tax Method of ‘Flat’ or ‘Current Aggregation’ method will be passed to Symmetry
*On IPTUP for each State, the user can manually override the default Supplemental Tax Method to ‘FLAT’ or ‘CURRAGG’ depending on if the users prefer to tax by which method, then on IPRLU State Miscellaneous Tab, employee may override this State level default Supplemental tax method
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• From this list, the following States do not supply a Flat percent and therefore the ‘Current Aggregation’ method is used in order to calculate State Sup Tax:
'AK','AZ','CT','DE','FL','HI','KY','LA','MA','MD','MS','NH','NJ','SD','TN','TX','UT','WA','WY','PR'
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• From this list, the remaining States will use the ‘Flat’ method in order to calculate State Sup Tax
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• From this State list, the Default Supplemental Tax Method is set for each State internally by the System
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• Depending on if the Supplemental Wages are paid WITH or WITHOUT the Regular Wages, each State may provide different method to calculate the State Supplemental Tax, please read below
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• At Employee level on IPRLU, the employee will specify the State Supplemental Tax Method that determines if the Supplemental tax is to be calculated for this employee for a pay
• If State Supplemental tax is to be calculated by Symmetry, then the Default Sup Tax Method of ‘Flat’ or ‘Current Aggregation’ method will be passed to Symmetry
• On IPTUP for each State, the user can manually override the default Supplemental Tax Method to ‘FLAT’ or ‘CURRAGG’ depending on if the users prefer to tax by which method, then on IPRLU State Miscellaneous Tab, employee may override this State level default Supplemental tax method
This page (revision-22) was last changed on 26-Nov-2021 10:22 by mmcfarlandTop