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academy:business_payroll_firstpayrollofthecalendaryearchecklist

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academy:business_payroll_firstpayrollofthecalendaryearchecklist [2021/12/14 16:51] – emorenoacademy:business_payroll_firstpayrollofthecalendaryearchecklist [2022/06/29 14:39] (current) – emoreno
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-<WRAP box #no-print>{{:images:printer2.jpg|}}[[academy:business_payroll_firstpayrollofthecalendaryearchecklist?do=export_pdf&toclevels=1-3&book_title=First Payroll of the Calendar Year Checklist|Click here to generate a PDF of this checklist]].+<WRAP box #no-print>{{:images:printer2.jpg|}}[[academy:business_payroll_firstpayrollofthecalendaryearchecklist?do=export_pdf&toclevels=2-3&book_title=First Payroll of the Calendar Year Checklist|Click here to generate a PDF of this checklist]].
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-<WRAP round intro>This checklist provides information about processing the first payroll of the calendar year.+<WRAP round intro>The purpose of this document is to guide you through the necessary steps to process the first payroll of the calendar year.
  
 W-2 processing does not have to be completed prior to the first payroll of the calendar year. When the pay date W-2 processing does not have to be completed prior to the first payroll of the calendar year. When the pay date
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 new calendar year record for each employee, because the system stores each calendar year separately. new calendar year record for each employee, because the system stores each calendar year separately.
  
-This checklist assumes you are familiar with the basic features of the ASCENDER Business system and have reviewed the [[academy:business_overview_guide|ASCENDER Business Overview guide]].+This document assumes you are familiar with the basic features of the ASCENDER Business system and have reviewed the [[academy:business_overview_guide|ASCENDER Business Overview guide]].
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 ^VCV|1. [[payroll:tables:paydates|Payroll > Tables > Pay Dates]]\\  \\  <div indent> BBB Verify the first pay date in the **Pay Date** field reflects the year of the new calendar year for each pay frequency. It must contain the year of the new year, in order for the system to create the next calendar year-to-date record and not add that payroll to the existing calendar year-to-date record.\\  \\  BBB Verify that the begin and end pay dates are accurate, since these greatly influence TRS deductions for new employees.\\  \\  BBB Verify the TRS month and TWC quarters are correct for all the pay dates.</div>| ^VCV|1. [[payroll:tables:paydates|Payroll > Tables > Pay Dates]]\\  \\  <div indent> BBB Verify the first pay date in the **Pay Date** field reflects the year of the new calendar year for each pay frequency. It must contain the year of the new year, in order for the system to create the next calendar year-to-date record and not add that payroll to the existing calendar year-to-date record.\\  \\  BBB Verify that the begin and end pay dates are accurate, since these greatly influence TRS deductions for new employees.\\  \\  BBB Verify the TRS month and TWC quarters are correct for all the pay dates.</div>|
-^VCV|2. The tax tables for the new calendar year must be updated for each frequency before the first payroll of the year is processed. There is no need to delete the previous calendar year tables. If you are not sure how to set up a table, refer to the online Help for each specific page. The following tables in Payroll should be updated:\\  \\  <div indent>BBB [[payroll:tables:taxdeductions:exemptions|Payroll > Tables > Tax/Deductions > Exemptions]] (Per IRS requirements, exemptions will no longer be used as of the 2020 calendar year. As a result, all fields were removed from this tab for calendar years greater than 2019.) \\  BBB [[payroll:tables:taxdeductions:incometax|Payroll > Tables > Tax/Deductions > Income Tax]] Be sure to verify applicable deductions for W2 Health Care reporting on the W-2 form for the new calendar year.\\  (**Note**: For tax years less than or equal to 2019, the original data fields are displayed (except for the table column headers, which changed per IRS documentation) and data is saved per marital status and per pay frequency. Click here to view the previous [[general:humanresources:tables:taxdeductions:incometaxfor2019andprior|Income Tax]] Help page.)\\    \\  BBB [[payroll:tables:taxdeductions:ficatax|Payroll > Tables > Tax/Deductions > FICA Tax]]\\  BBB [[payroll:tables:taxdeductions:unemployment|Payroll > Tables > Tax/Deductions > Unemployment]]\\  BBB [[payroll:tables:taxdeductions:annuityrates|Payroll > Tables > Tax/Deductions > Annuity Rates]]</div>| +^VCV|2. The tax tables for the new calendar year must be updated for each frequency before the first payroll of the year is processed. There is no need to delete the previous calendar year tables. If you are not sure how to set up a table, refer to the online Help for each specific page. The following tables in Payroll should be updated:\\  \\  <div indent>BBB [[payroll:tables:taxdeductions:exemptions|Payroll > Tables > Tax/Deductions > Exemptions]] (Per IRS requirements, exemptions will no longer be used as of the 2020 calendar year. As a result, all fields were removed from this tab for calendar years greater than 2019.) \\  BBB [[payroll:tables:taxdeductions:incometax|Payroll > Tables > Tax/Deductions > Income Tax]] (**Note**: For tax years less than or equal to 2019, the original data fields are displayed (except for the table column headers, which changed per IRS documentation) and data is saved per marital status and per pay frequency. Click here to view the previous [[general:humanresources:tables:taxdeductions:incometaxfor2019andprior|Income Tax]] Help page.)\\  BBB [[payroll:tables:taxdeductions:ficatax|Payroll > Tables > Tax/Deductions > FICA Tax]]\\  BBB [[payroll:tables:taxdeductions:unemployment|Payroll > Tables > Tax/Deductions > Unemployment]]\\  BBB [[payroll:tables:taxdeductions:annuityrates|Payroll > Tables > Tax/Deductions > Annuity Rates]]\\  BBB [[payroll:tables:taxdeductions:deductioncd|Payroll > Tables > Tax/Deductions > Deduction Code]] - Be sure to verify applicable deductions for W2 Health Care reporting on the\\  W-2 form for the new calendar year.</div>| 
-^VCV|3. Use the IRS Publication 15-T to update the tax tables. After the tables have been completed, print each table to verify accuracy. If you do not have IRS Publication 15-T, it can be found on the IRS website: https://www.irs.gov/publications/p15t.\\  \\  Verify that the **Supplemental Tax Rate** is correct on the [[payroll:tables:districthroptions|Payroll > Tables > District HR Options]] page.  |+^VCV|3. Use the IRS Publication 15-T to update the tax tables. After the tables have been completed, print each table to verify accuracy. If you do not have IRS Publication 15-T, it can be found on the IRS website: https://www.irs.gov/publications/p15t.\\  \\  <div indent>Verify that the **Supplemental Tax Rate** is correct on the [[payroll:tables:districthroptions|Payroll > Tables > District HR Options]] page.</div>  |
 ^VCV|4. [[payroll:payrollprocessing:runpayroll|Payroll > Payroll Processing > Run Payroll]]\\  \\  <div indent>When you are ready to process your first payroll, verify the payroll information is correct. It is important that the pay date, as well as the begin and end pay dates, reflect the new calendar year. Also, be sure to verify the TRS month and the TWC quarter are correct.</div>| ^VCV|4. [[payroll:payrollprocessing:runpayroll|Payroll > Payroll Processing > Run Payroll]]\\  \\  <div indent>When you are ready to process your first payroll, verify the payroll information is correct. It is important that the pay date, as well as the begin and end pay dates, reflect the new calendar year. Also, be sure to verify the TRS month and the TWC quarter are correct.</div>|
 ^VCV|5. [[payroll:reports:yeartodatereports:calendaryeartodatereport|Payroll > Reports > Year To Date Reports > HRS3000 - Calendar Year To Date Report]]\\  \\   <div indent>After each payroll frequency is processed, print the report and verify the year-to-date information consists of only the first payroll run for the new year.</div>| ^VCV|5. [[payroll:reports:yeartodatereports:calendaryeartodatereport|Payroll > Reports > Year To Date Reports > HRS3000 - Calendar Year To Date Report]]\\  \\   <div indent>After each payroll frequency is processed, print the report and verify the year-to-date information consists of only the first payroll run for the new year.</div>|
academy/business_payroll_firstpayrollofthecalendaryearchecklist.1639500704.txt.gz · Last modified: 2021/12/14 11:51 (external edit)

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