FICA Tax - HRS2400

Payroll > Tables > Tax/Deductions > FICA Tax

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.

Set up FICA tax data:

Field	Description
Calendar Year	Verify that the correct calendar year is displayed. If not, type the correct four-digit calendar year.

❏ Click Retrieve. The FICA tax data is displayed

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.

❏ 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.

❏ 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.

By default, the Additional Medicare Rate field is set to 0.90% but can be modified.

By default, the Additional Medicare Salary Threshold field is set to 200,000.00 but can be modified.

EIC Max Credit	Type the maximum amount of advanced EIC that can be paid to an employee.
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.

Other functions and features:

Retrieve	Retrieve data. The Retrieve button is also used to retrieve information from the last save. If you click Retrieve, any unsaved changes are lost.
Delete	Delete tax tables. Click to delete all tax tables for the calendar year except TRS rates. A warning message is displayed and prompts you to confirm that you want to delete all tax tables. Click Yes to delete the tax tables for the calendar year. Click No to not delete the tax tables and return to the current tab.
Print	Print the tax table data. Click to print tax table data. The following Tax Table options are displayed: Current Tab Page - prints only the tab page currently open. Selected Code Tables - displays the following Tax Table Selection options: FIT Exemption FIT Tables FICA Tax Unemployment TRS Rates Annuity Rates Workers' Comp Deduction Codes All Code Tables - prints all the Tax/Deductions tab pages. Select an option, and then click OK to view a copy of the report. Otherwise, click Cancel to return to the tab. Review the report.

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FICA Tax - HRS2400

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FICA Tax - HRS2400

Set up FICA tax data:

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