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Page References

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HIRE Act (2010)...nobody
HIRE Act (2010)

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[{TableOfContents }]
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!FICA Incentive Set Up Requirements
!!FICA Incentive Set Up Requirements
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%%information Note: ** If you are currently using only one element to store FICA EE/ER and MEDI EE/ER wages, these will need to be separated. A separate element must be defined for the FICA ER WAGES as this is the element that will be affected for FICA ER taxes.%%
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Note: ** If you are currently using only one element to store FICA EE/ER and MEDI EE/ER wages, these will need to be separated. A separate element must be defined for the FICA ER WAGES as this is the element that will be affected for FICA ER taxes.
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5. Create a Payroll UserCalc. The UserCalc will:
5. In the [IMVR] Screen, create new constant values for the User Calc we will be defining:\\
|FICA_INC_EXPIRE | Date | 01-Jan-2011
|FICA_HIRE_START | Date | 03-Feb-2010
|FICA_HIRE_END | Date | 01-Jan-2011
6. In the [IMUC] screen create a Payroll User Calc. The User Calc will:
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7. In the [IMUC] screen create a Payroll UserCalc to cap Pay Component amount for FICA Incentive Wages. The UserCalc will:
;:a. Determine if the pay component for FICA Incentive Wages is greater than the Pay Component for the FICA Employee Earnings
;:b. If yes, store the FICA Employee Earnings (e.g. PC 6202) pay component amount into the pay component for the for FICA Incentive Wages (e.g. PC 9000)
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| 105 | LET | PC | 9000 | EQ | V | FICA Incentive Wages | 99999 |
| 99999 | EXIT | | | | | | |
| 105 | LET | PC | 9000 | EQ | V | FICA Incentive Wages | 99999 |
| 99999 | EXIT | | | | | | |
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!Special Notes
!!Special Notes
#The value in PC 9000 will be subtracted from the FICA ER GROSS element
#The first line of the UserCalc checks to see if the current pay issue date is after the FICA Incentive Expiration Date (01-Jan-2011); If so, the UserCalc must exit.
#The FICA Wages Reduced $ is calculated as follows:\\FICA Wages Reduced $ = FICA ER WAGES (element) – FICA INCENTIVE (element)
#The UserCalc must be placed on the pay point set before taxes are calculated (e.g. Pay Point Type = 50 More Ben/Dedns)
#The UserCalc for capping the FICA Incentive Wages must be placed on the pay point set after taxes are calculated (e.g. Pay Point Type = 70 After Gov Calc)
#For the 941 report;\\a. Add the FICA taxable wages for the EE, ER and the FICA Incentive Wages and use the total for box 5a.\\b. For box 6c you would report just the FICA Incentive Wages.
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1. The value in PC 9000 will be subtracted from the FICA ER GROSS element
2. The first line of the UserCalc checks to see if the current pay issue date is after the FICA Incentive Expiration Date (01-Jan-2011); If so, the UserCalc must exit.
3. The FICA Wages Reduced $ is calculated as follows:
FICA Wages Reduced $ = FICA ER WAGES (element) – FICA INCENTIVE (element)
4. The UserCalc must be placed on the pay point set before taxes are calculated (e.g. Pay Point Type = 50 More Ben/Dedns)
!Calculation Examples
!!Calculation Examples
||Example 1||
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|FICA employer tax (calculated by Vertex) | $3.10
|FICA employer tax (calculated by Symmetry) | $3.10
||Example 2||
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|FICA employer tax (calculated by Vertex) | $ 0
|FICA employer tax (calculated by Symmetry) | $ 0
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!Retro Adjustments
!!Retro Adjustments
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----
![Notes|Edit:Internal.HIRE Act (2010)]
[{InsertPage page='Internal.HIRE Act (2010)' default='Click to create a new notes page'}]
This page (revision-9) was last changed on 26-Nov-2021 10:22 by kparrottTop