Imputed Income Extract - HRS6310
Payroll > Utilities > Imputed Income Extract
This page is used to calculate the employer contribution amount for the TI deduction code. Only active employees with pay type 1, 2, or 3 jobs with at least one of the selected LI deduction codes are included in the process.
Additionally, it is recommended for comparison purposes that you generate a user-created report for employees who have current TI deduction codes.
For additional information, reference IRS Publications 15-B and 525.
Calculate data:
❏ Select a pay Frequency. Only one pay frequency can be processed at a time. By default, the logged-on pay frequency is selected; however, all pay frequency(ies) that are selected on the District Administration > Tables > District Information > Payroll Frequencies tab are enabled.
| Field | Description |
|---|---|
| Calendar Year (YYYY) | Type the calendar year for which you want to calculate imputed income. This field determines an employee's age as of 12-31 of the entered tax year. |
| Excess Income Amount | Type the amount stipulated by the IRS for imputed income consideration. |
| Key Employee Annual Salary | Type the salary amount (prior to applying the multiplier) at which the full amount of the benefit is subject to the imputed income calculation. The total is not reduced by the Excess Income Amount. If zero entered, the Excess Income Amount is subtracted from all employees. |
| From Contract Begin Date (MM-DD-YYYY) | Type the beginning contract month, day, and year from which you want to extract data. This date is compared to the employee's primary job contract date. |
| To Contract Begin Date (MM-DD-YYYY) | Type the ending contract month to which you want to extract data. This date is compared to the employee's primary job contract date. |
❏ Under Deduction Codes:
| LI Ded Code | Click  to select the LI deduction code from which imputed income should be calculated. The LI deduction code description is displayed in the LI Ded Description field. Employees must have one or more of the selected from deduction codes (LI type) in the deduction master to be included in the process, and the remaining payments for the deduction record must be greater than zero. |
|---|---|
| TI Ded Code | Click to select the TI deduction code to be used for the employees’ deduction code master record. The TI deduction code description is displayed in the TI Ded Description field. The deduction code is inserted for the employee if it does not exist. If the deduction code does exist, it will be updated. If the same to deduction code (TI) is applied to multiple from deduction codes (LI), and an employee has multiple from deductions (LI), then the calculated employer contribution is accumulated and recorded in the single to deduction code (TI). |
| Basic Coverage Amt | Type the basic amount of coverage for the selected deduction code. |
| Salary Multiplier | Type the multiplier to be used for the employee’s salary amount when calculating the imputed income amount. If the multiplier is zero, the salary is not included and the imputed income is based on the Basic Coverage Amount - Excess Income Amount. If the multiplier is greater than zero, the imputed income is based on the following calculation: (Basic Coverage Amount + (Salary * Multiplier)) - Excess Income Amount. If an employee is hourly, the employee's contract amount on the Maintenance > Staff Job/Pay Data > Job Info tab should be populated with an estimated annual salary if a multiplier is used. Salary amounts are accumulated from the contract amount for all jobs that may be assigned to any employee. If the employee has G-type extra duty pay on the Maintenance > Staff Job/Pay Data > Pay Info tab that is included in the contract amount, it is considered part of the total salary. If the multiplier is used, extra duties from the Maintenance > Staff Job/Pay Data > Pay Info tab that are B, T, or S type are not included in the salary calculation. |
| Total Annual Payments | Type the total number of payments to be used when calculating the employer contribution amount to be used per payroll. |
| Total Remaining Payments | Type number of remaining payments to update the Remaining Payments column in the employees’ deduction master records for the To Deduction Code (TI). |
| Emplr Contrib Factor | Type the one-digit value to update the employer contribution factor column in the employees’ deduction master records for the To Deduction Code (TI). |
❏ Click +Add to add a row.
❏ Click Execute. After the process is completed, all of the database updates are performed and the reports menu is displayed.
If any errors are encountered during the export process, the Imputed Income Extract Errors report is displayed. A preview report of the calculations and TI deductions is available. Review the report.
❏ Click Continue to continue the process. Or, click Return.
A message is displayed indicating that the process was completed successfully.