imputed income biweekly pay calculator 2012 by 6Y0V811

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									                                                                Biweekly Imputed Income Calculator
                                                           **READ NOTES BEFORE USING CALCULATOR**
Note 1: Excluding Craftworkers, this calculator can be used by U.S. Citizens and Resident Aliens with no tax treaty benefits.

Note 2: To clear the contents of a cell, right-click on the cell and select "clear contents."

Note 3: This calculator is to be used as an "estimate" of tax withholdings and may differ from actual withholdings.

Note 4: This calculator assumes the following:

                      a) Employee has no taxable fringe benefits, such as the imputed income on life insurance.

                      b) This calculator refers to Social Security wages and taxes (Fed OASDI/EE) and Medicare wages and taxes (Fed MED/EE), because that is what
                      is listed on the employee earnings statement. Many times you will also see FICA listed as a description, which is a term that incorporates both
                      Social Security and Medicare together.There is a Social Security maximum on wages for 2012 of $110,100. There is no maximum for Medicare.

Note 5: The following is a list of possible "pre-tax" deductions:

                      a) Health Insurance
                      b) Anthem Dental Insurance
                      c) Vision Insurance
                      d) Benefits+ (EPIC)
                      e) Employee Reimbursement Account (ERA)
                      f) Commuter benefits
                      g) Parking fees
                      h) Dental Wisconsin (Select Plan or Preferred Provider Plan)
                      i) WRS Contributions (Employee paid and is subject to FICA taxes)


Note 6: On an earnings statement, any additional federal or state income taxes withheld should be excluded from the Federal and State Withholding amounts.

Note 7: A non-tax dependent is someone you cannot claim on your federal income tax return. Alternatively, a non-tax dependent is someone that does not meet the
Internal Revenue Service's (IRS) definition of a dependent. The IRS defines a dependent as a person, other than you or your spouse, for whom you claim an
exemption. To be your dependent, a person must be your qualifying child (or your qualifying relative). Consult IRS Publication 501 for tax dependent guidelines and
tests, or speak with a tax advisor. IRS Publication 501 can be found at the following web address:

                      http://www.irs.gov/pub/irs-pdf/p501.pdf

Note 8: If your earnings statement has an "EXEMPT" or "NT" for Federal or State Withholdings, then select that option from the pull-down listing for the appropriate tax
allowance. If you have a "-WO" selected for Federal or State Withholdings , then you are having a flat dollar amount withheld and that amount will not change.
However for this spreadsheet to do the calculations, you will need to select "-WO" from the drop down listing and the taxes will not be calculated for that allowance
selection.

Note 9: Imputed income will only impact the payroll that has the health insurance deduction. For Classified employees, this would normally be the "A" paycheck. Please
use your latest earnings statement that has the health insurance deduction when using the calculator to estimate the tax implications from non-tax dependent imputed
income.

Note 10: If you do not have any other pre-tax deductions, enter "0" in the Other Pre-tax Deductions box.

Note 11: For individuals whose insurance coverage is switching from single to family coverage due to the addition of a non-tax dependent, the following web address will
provide guidance on the pre-tax deduction impact of the coverage switch:

                      http://uwservice.wisc.edu/premiums/index.php#sgh
                                                            Biweekly Imputed Income Calculator
                                                       **READ NOTES BEFORE USING CALCULATOR**
                                                                   - Represents an input field

1) Are you considering adding a non-tax dependent to your health insurance coverage?

                         Response:


                     If yes, within the box below, select either "1" or "2". Select 1 if you are adding one non-tax dependent to coverage. If adding more than 1 non-tax
                     dependent to coverage, select 2. If the answer above is no or you would like to remove all non-tax dependents, select "0".

                        # of Non-tax
                        Dependents

2) Are any of your non-tax dependents (included in your response to question number one above) adult children who will be age 26 or younger on December 31st of
the current calendar year?

                     For additional information on adult children, please read Note 13

                         Response:

                     If yes, subtract the number of adult children from the total number of non-tax dependents you are adding. Within the box below, select 0 if your
                     result is 0; select 1 if your result is 1; and select 2 if your result is 2 or more. For example, you have 4 non-tax dependents you would like to add
                     health coverage for. Of those 4 individuals, you have 2 adult children. Select "Yes" above and select "2" below (4 - 2 = 2).

                     If the answer above is no, select the same number of non-tax dependents indicated in number 1 above. For example, you have 4 non-tax
                     dependents you would like to add health coverage for, none of which are adult children. Select "No" above and select "2" below. Since you're
                     adding 4 non-tax dependents, "2" should have been selected for question #1 above.

                        # of Non-tax
                        Dependents,
                       excluding adult
                          children

3) From the following drop down list, select your health insurance provider:



4) For individuals whose insurance coverage is switching from single to family coverage due to the addition of a non-tax dependent, Click on the following link, answer
the questions within, and key the "Single to Family Difference" amount in the input box below:

                     http://uwservice.wisc.edu/premiums/sgh-act10-calculator.php

                                                                       Single to Family Difference

NOTE: When completing number 5 below, be sure to use your latest earnings statement that includes the state group health insurance deduction. Health
insurance premiums are generally deducted on the "A" biweekly payroll.

5) Enter the following information from your most recent earnings statement that has your health insurance deduction (for Classified employees, this will normally be
the "A" paycheck):

                                              Federal Marital
Total Earnings                                  Status
                                                                   u                                  State Marital Status   
 TSA &/or Wis
  Def. Comp.                               Federal Allowances                                        State Allowances      
  Deductions


 Other Before-
tax Deductions                                                                                         State (IE WI)       
                                            Federal Withholding                                          Withholding


Pre-tax WRS      m                             Fed OASDI/EE                                           Federal Add'l Amt     

                                                Fed MED/EE                                             State Add'l Amt      [
The following amounts are estimates:

                        Change from
                         Single to             Add: Federal               Federal Taxable                   Federal                 Social Security             State
                           Family             Imputed Income                  Income                     Income Taxes                   Taxes               Income Taxes

                            0.00                    0.00                        0.00                          0.00                       0.00                    0.00


  Add: State           State Taxable         Change Federal               Change Social                  Change State              Total Change in         Total Change in
Imputed Income            Income            Income Taxes W/H            Security Taxes W/H            Income Taxes W/H              Withholdings               Net Pay

      0.00                  0.00                    0.00                         0.00                         0.00                        0.00                   0.00
20120601

								
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