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Trace: • GP1200 - Past Final Date Without Final Report • grantsprojects_reimbursementrequest • grantsprojects_budgetrevisionrequest • Update tax/deductions
general:quickview:nextyearpayroll:step7

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general:quickview:nextyearpayroll:step7 [2020/11/17 20:02] – emorenogeneral:quickview:nextyearpayroll:step7 [2025/04/08 18:22] (current) – emoreno
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-=====Update TRS rates table=====+=====Update tax/deductions===== 
 + 
 +[[payroll:tables:taxdeductions:ficatax|Payroll > Tables > Tax/Deductions > FICA Tax]] 
 + 
 + 
 +Retrieve the FICA rates for the 2025 calendar year and print a copy for reference. Then, retrieve the 2026 calendar year record and manually enter the 2025 rates for 2026 and click **Save**.  
 + 
 +<WRAP center round alert> 
 +**CAUTION**: Be sure to retrieve the 2026 year record prior to updating this tab. 
 +</WRAP> 
 + 
 +{{:general:quickview:nextyearpayroll:nyr_payroll_fica_tax.jpg|FICA Tax Tab}} 
 + 
 +{{:general:quickview:nextyearpayroll:nyr_payroll_fica_tax_2.jpg|FICA Tax Tab}} 
 + 
 +---- 
 + 
 +[[payroll:tables:taxdeductions:unemployment|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).  
 + 
 +{{:general:quickview:nextyearpayroll:nyr_payroll_unemployment_tax.jpg|Unemployment Tab}} 
 + 
 +----
  
 [[payroll:tables:taxdeductions:trsrates|Payroll > Tables > Tax/Deductions > TRS Rates]] [[payroll:tables:taxdeductions:trsrates|Payroll > Tables > Tax/Deductions > TRS Rates]]
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 Update the TRS rates.  Update the TRS rates. 
  
-<color #ed1c24>**Caution**: Be sure to retrieve the 2022 school year data prior to updating this tab.</color>+<WRAP center round alert> 
 +**CAUTION**: Be sure to retrieve the 2026 data prior to updating this tab. 
 +</WRAP> 
 + 
 + 
 +<WRAP center round important> 
 +**IMPORTANT**: Be sure to visit the following TRS websites: https://www.trs.texas.gov/Pages/re_contribution_rates.aspx and https://www.trs.texas.gov/Pages/re_salary_cap_provision.aspx to obtain the updated rates for the next school year, and then return to this table to update the new rates.    
 +</WRAP> 
 + 
 +<WRAP box>**Note**: The below image displays the TRS rates for the 2024-2025 calendar year. This image will be updated to reflect the TRS rates for the 2025-2026 calendar year as soon as they are published. 
 +</WRAP>
  
-**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. 
  
 {{:general:nypayrollprocess_taxdeductions_trsrates.jpg|TRS Rates Tab}} {{:general:nypayrollprocess_taxdeductions_trsrates.jpg|TRS Rates Tab}}
  
  
-VCV To create a new TRS rates record, type the new year (2022) and click **Retrieve**. A message is displayed indicating that the new record is populated based on the prior year (2021) TRS rates record, click **Save** to retain the record. +VCV To create a new TRS rates record, type the new year (2026) and click **Retrieve**. A message is displayed indicating that the new record is populated based on the prior year's (2025) TRS rates record, click **Save** to retain the record. 
  
 VCV Complete the applicable fields. This information is used when performing calculations and extracts to Budget. VCV Complete the applicable fields. This information is used when performing calculations and extracts to Budget.
  
 +----
 +
 +[[payroll:tables:taxdeductions:deductioncd|Payroll > Tables > Tax/Deductions > Deduction Code]]
 +
 +{{:general:nypayrollprocess_taxdeductions_deductioncode.jpg|Deduction Code Tab}}
  
 +VCV 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/step7.1605643325.txt.gz · Last modified: 2020/11/17 15:02 (external edit)

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