On a monthly or quarterly basis an employer’s insurance provider issues a report indicating the STD/LTD benefit amounts that are paid out to their employees. These payments should be entered into the HCM payroll system as soon as they are received so that they are posted to the correct tax quarter. You may...
What is a Tax Gross up ? There might be a time you want to pay an employee a specific amount. But, once you factor in taxes, that amount gets smaller. So how can you give an employee a certain net pay? Gross up for taxes. What is a gross up? A gross...
Engage your employees to review and correct any issues with their personal information or pay history before W2’s are generated. Encourage emoployees to log into the web portal to review the following items: Home address Taxes and taxable wages withheld year-to-date Full Name match to Social Security Card Social Security Number W4 Form...
The Retirement Plan box on the Form W‐2 will be automatically checked if you have any plan funded via payroll deductions (401(k), 403b, etc.) You can review your employee population for this indicator in HCM by running the Employees without Active Retirement Plans (Box 13) report in Business Intelligence under the NEW Quarter & Year...
(From IRS W2 Instructions) If an employee dies during the year, you must report the accrued wages, vacation pay, and other compensation paid after the date of death. Also report wages that were available to the employee while he or she was alive, regardless of whether they actually were in the possession of...
If your company issued Accounts Payable or other manual payments to employees which have not been accounted for through the PlanSource HCM system, these wages and all associated taxes MUST be processed by the final payroll of the year in order to be included on the employer issued Form W-2. Checks processed after...
A requirement of the Affordable Health Care Act is to report the combined cost of applicable health insurance coverage. The amount reported in Box 12 DD is not taxable, and used to provide employees with information on the cost of their health care coverage. This reporting is mandated to any employer with 50...
Health insurance premiums paid by the corporation for owners with at least 2% ownership in an S-Corp where an employee “non-discriminatory” medical plan is offered is taxable and reportable, thus the employer paid contribution is Social Security, Medicare and FUTA exempt but taxable for federal, state and local purposes. www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Compensation-and-Medical-Insurance-Issues To Process S-Corp...
Fringe Benefits MUST be submitted with other paid wages to allow for accurate tax deductions.
