Federal Withholding Tax Charts by hql14057

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									Important Dates at
Year End

P010 and P370 Dates
P010 Dates

• Why are P010 dates   • Example: Someone
  important at year      is leaving state
  end?                   service in December
                         2009. In what year
                         does the money
                         belong and why?



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P010 Dates
•   P010 OR000000 10700        WITHHOLDING DATA / LOCATOR DATA    010
•     DOE, JANE                        WH02 ENTER UPDATES


•    RDC/CREW/CST CTR      440    ----------MANDATORY WITHHOLDING----------
•   ? TAX DATA FOLLOW-UP FLAG:          N        BEG DATE STAT EXEM ADDL END DATE
•   ? FINAL CHECK ISSUED:        000000 ? FED     000000         00 0000 000000
•   ? FINAL CHECK PERIOD ENDING: 000000 ? STATE 000000           00 0000 000000
•   ? RETIREMENT START DATE:    000000



•    EFF ----FEDERAL----  -----STATE-----  EIC RTMT RTMT RTMT FICA SAIF UNEM
•    DATE STAT EXEM ADDL STAT EXEM ADDL CD SYST STAT ACCT SUBJ SUBJ SUBJ
•   ? 053108 J   01 0000   J     01   0000  N   S    D 599150   Y    Y    Y
•   ? 093005 J   02 0000   J     02   0000  N   S    D 599150   Y    Y    Y


•    ----WAIVERS----
•   CLASS DATE CLASS DATE CLASS DATE CLASS DATE CLASS DATE CLASS DATE
•     ?             ?      ?          ?          ?          ?

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P010 Dates

• How do P010 dates work?
  – P010 dates are set to tell the system what
    month to look at and for what date to make
    the check.
• When is it important to set P010 dates?
  – It is important to set P010 dates when the
    money belongs in a different year than the
    system will post it to and to ensure a correct
    check date.
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P010 Dates
P010  OR000000 10900                  WITHHOLDING DATA / LOCATOR DATA      010
     ANTHONY, SUSAN B                   WH02 ENTER UPDATES
  RDC/CREW/CST CTR         140         ----------MANDATORY WITHHOLDING---------
   -
? TAX DATA FOLLOW-UP FLAG:        N        BEG DATE STAT EXEM ADDL END DATE
? FINAL CHECK ISSUED:        120509 ? FED   000000          00   0000    000000
? FINAL CHECK PERIOD ENDING:123009 ? STATE 000000           00   0000    000000
? RETIREMENT START DATE:     000000
  EFF    ----FEDERAL---- -----STATE----- EIC RTMT RTMT RTMT       FICA SAIF
   UNEM
  DATE   STAT EXEM ADDL STAT EXEM ADDL       CD SYST STAT ACCT SUBJ SUBJ SUBJ
? 053108   J   01   0000   J     01   0000   N    S     D 599150   Y   Y    Y
? 093005   J   02   0000   J     02   0000   N    S     D 599150   Y   Y    Y
  ----WAIVERS----
CLASS DATE   CLASS DATE   CLASS DATE    CLASS DATE   CLASS DATE   CLASS DATE
 ?            ?            ?             ?            ?            ?




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P010 dates

• What months will the P010 dates affect
  once they are set?
  – P010 dates will only affect one month at a
    time. So whatever month you have reflected
    on the P010 screen is the only month that
    will be affected by the dates entered.



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P010 dates

• What happens at year end when P010 dates need to
  be set but you have other months to pay?
• Bring forward the changes to December.
• Set December P010 dates.
   – This is because normaly Dec pay would go into
     2010. However if the employee is terminating prior
     to 12/31/09 then the funds would need to be paid in
     2009. Since we know the P010 dates need to be set
     for Dec, we will need to move all the prior
     corrections into Dec and set Dec P010 dates.
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P370 Check Dates

• Why do you have to be careful on the
  check date you use on the P370?
  – Tax calculations can be different for the
    different years. When setting P010 dates
    and issuing a check for 2009 you will need a
    2009 check date. If the funds are for the
    2010 year you will need a 2010 check date.


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12/31/06 pay period, 2006 check date:
P370   OR9999999,99900,123106,123106,O CALCULATION OF CURRENT PAYOFF        370
EMPLOYEE, JOSEPHINE
INCOME TYPE   RATE   UNITS   AMOUNT TAX /RET AMOUNT      DEDUCTIONS    AMOUNT
 TOTAL-R T 8766.66    168.00   8766.66 FIT    1331.09 AHNN001 LONG      55.23
AEXCESS O                        24.08 SIT     685.00 KDNNAAA KAIS
                                        FICA   395.70 KMNNAAA KAIS
                                        MEDR   127.46 LCNN      UN L    10.00
                                        WCD      2.40 SLYJ001 JUDI
                                                       STNN001 SHOR     52.60
                                                       U3NN020 EMP       1.20

GROSS   8766.66 TX/RT    2541.65 DED     119.03 NET/ACH    6105.98 /      .00
CALC YTD? N PRINT CHECK? N CORRECTIVE? N SEPARATION CHECK? N CHECK FEE: _3.98
COMMENT: ________________________________________ ACCT: 105477 5 15010000850232

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12/31/06 pay period, 2007 check date:
P370    OR9999999,99900,123106,010207,O CALCULATION OF CURRENT PAYOFF                370
EMPLOYEE, JOSEPHINE
INCOME TYPE       RATE       UNITS     AMOUNT TAX /RET AMOUNT     DEDUCTIONS    AMOUNT
 TOTAL-R T 8766.66            168.00      8766.66 FIT   1331.09 AHNN001 LONG     55.23
AEXCESS O                                    24.08 SIT   685.00 KDNNAAA KAIS
                                                   FICA  545.03 KMNNAAA KAIS
                                                   MEDR  127.47 LCNN     UN L    10.00
                                                   WCD     2.40 SLYJ001 JUDI
                                                                STNN001 SHOR     52.60
     The difference here is the FICA subject                    U3NN020 EMP       1.20
     wages. 2006 already reached the
     maximum, but 2007 has not.




 GROSS   8766.66 TX/RT    2690.99 DED     119.03 NET/ACH    5956.64 /      .00
 CALC YTD? N PRINT CHECK? N CORRECTIVE? N SEPARATION CHECK? N CHECK FEE: _3.98
 COMMENT: ________________________________________ ACCT: 105477 5 15010000850232
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Year End Tools

• http://www.das.state.or.us/DAS/SCD/OS
  PS/yearend.shtml
• Frequently asked questions at year end
• Year End Recommended Practice
• Flow charts and tools
• Year End Mini-Conference Material
• Past Presentations
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