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general:quickview:nextyearpayroll:step7
Update tax/deductions
Payroll > Tables > Tax/Deductions > FICA Tax
Retrieve the FICA rates for the 2024 calendar year and print a copy for reference. Then, retrieve the 2025 calendar year record and manually enter the 2024 rates for 2025 and click Save.
CAUTION: Be sure to retrieve the 2025 school year data prior to updating this tab.
Payroll > Tables > Tax/Deductions > Unemployment
If your LEA allows ASCENDER to calculate unemployment, select T - Taxable in the Employer Type field and enter the Unemployment Rate. Type the percent rate determined or assigned by the TWC (e.g., 0.4985% for 0.004985).
The rates displayed in the below image are sample rates. Only use the rates provided by the Texas Workforce Commission (TWC).
Payroll > Tables > Tax/Deductions > TRS Rates
Update the TRS rates.
CAUTION: Be sure to retrieve the 2025 school year data prior to updating this tab.
IMPORTANT: Be sure to visit the TRS website: https://www.trs.texas.gov/Pages/re_contribution_rates.aspx to obtain the updated rates for the next school year, and then return to this table to update the new rates.
Note: The below image displays the TRS rates for the 2023-2024 calendar year. This image will be updated to reflect the TRS rates for the 2024-2025 calendar year as soon as they are published.
❏ To create a new TRS rates record, type the new year (2025) and click Retrieve. A message is displayed indicating that the new record is populated based on the prior year's (2024) TRS rates record, click Save to retain the record.
❏ Complete the applicable fields. This information is used when performing calculations and extracts to Budget.
Payroll > Tables > Tax/Deductions > Deduction Code
❏ Update the deduction codes. The Deduction Code tab is shared between the current year and next year records; therefore, changes to the current year records are effective in the next year records, and vice versa.
general/quickview/nextyearpayroll/step7.txt · Last modified: 2024/03/01 15:56 by emoreno