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payroll:tables:taxdeductions:ficatax

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payroll:tables:taxdeductions:ficatax [2020/08/05 21:24] – emorenopayroll:tables:taxdeductions:ficatax [2023/04/17 16:23] (current) – emoreno
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 <WRAP round intro>This tab is used to establish the rates and maximums used by the system to calculate FICA and Medicare deductions from each paycheck. These tables include the rate to be applied to the gross salary to calculate FICA and Medicare deductions, the maximum salaries for which FICA and Medicare are calculated, and the maximum amount of FICA and Medicare tax regardless of salary amount. The taxed amount is matched by contributions from the district. You must keep this information up to date in order for these calculations to be accurate. This information is available in the IRS Circular E annually and can be updated at any time (go to https://www.irs.gov/forms-instructions to obtain a copy of this publication). <WRAP round intro>This tab is used to establish the rates and maximums used by the system to calculate FICA and Medicare deductions from each paycheck. These tables include the rate to be applied to the gross salary to calculate FICA and Medicare deductions, the maximum salaries for which FICA and Medicare are calculated, and the maximum amount of FICA and Medicare tax regardless of salary amount. The taxed amount is matched by contributions from the district. You must keep this information up to date in order for these calculations to be accurate. This information is available in the IRS Circular E annually and can be updated at any time (go to https://www.irs.gov/forms-instructions to obtain a copy of this publication).
  
-**Note**: At the beginning of each calendar year, the TCC provides a flat text file containing the new calendar year tax tables. This file is accessible to the local ESC consultants via the FTP site. **It is recommended** that the LEA's use the provided file to import the tax data as the pay frequency is no longer being used for calendar years greater than 2019. Additionally, the import relieves the task of having to manually set up the tax table data.+**Note**: At the beginning of each calendar year, the TCC provides a flat text file containing the new calendar year tax tables. This file is accessible to the local ESC consultants via the FTP site. **It is recommended** that the LEAs use the provided file to import the tax data as the pay frequency is no longer being used for calendar years greater than 2019. Additionally, the import relieves the task of having to manually set up the tax table data.
 </WRAP> </WRAP>
  
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 ^ Field                                        ^ Description   ^  /*Table with two rows*/ ^ Field                                        ^ Description   ^  /*Table with two rows*/
-^Calendar Year|Verify that the correct calendar year is displayed. If not, type the correct four-digit calendar year.| +^Calendar Year|The current calendar year is displayed in the YYYY format. Verify that you are in the correct calendar year. If not, type the four-digit calendar year and click **Retrieve** to retrieve the applicable records for that year.|
- +
-Click **Retrieve**. The FICA tax data is displayed+
  
 ^FICA Max Salary|Type the maximum wage that is subject to tax for the year.| ^FICA Max Salary|Type the maximum wage that is subject to tax for the year.|
 ^Employee FICA Rate|Type the tax rate for social security.| ^Employee FICA Rate|Type the tax rate for social security.|
  
-Press TAB. The **Employee FICA Max Tax** is calculated the field is populated upon saving the record. +VCV Press TAB. The **Employee FICA Max Tax** is calculated the field is populated upon saving the record. 
  
 ^Employer FICA Rate|Type the employer's FICA tax contribution rate for the year.| ^Employer FICA Rate|Type the employer's FICA tax contribution rate for the year.|
  
-Press TAB. The **Employer FICA Max Tax** is calculated and the field is populated upon saving the record. +VCV Press TAB. The **Employer FICA Max Tax** is calculated and the field is populated upon saving the record. 
  
 ^Medicare Rate|Type the Medicare tax rate. The employee and employer rates are the same.| ^Medicare Rate|Type the Medicare tax rate. The employee and employer rates are the same.|
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 ^HSA Max Employer Contribution|Type the annual maximum health savings account contribution limit. Each year, this amount can be found on the IRS Publication 969 - Health Savings Accounts and Other Tax-Favored Health Plans.| ^HSA Max Employer Contribution|Type the annual maximum health savings account contribution limit. Each year, this amount can be found on the IRS Publication 969 - Health Savings Accounts and Other Tax-Favored Health Plans.|
  
-Click **Save**. +VCV Click **Save**. 
  
  
payroll/tables/taxdeductions/ficatax.1596662692.txt.gz · Last modified: 2020/08/05 16:24 (external edit)

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