2008 YEAR-END ADJUSTMENT EXAMPLES - ENTER AS MANUAL CHECKS

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2008 YEAR-END ADJUSTMENT EXAMPLES - ENTER AS MANUAL CHECKS Powered By Docstoc
					                2008 YEAR-END ADJUSTMENT EXAMPLES - ENTER AS MANUAL CHECKS

            If your year-end adjustments are not or will not be input with or before your last payroll of the year, YOU MUST SUBMIT THE
    ATTACHED REQUEST TO HOLD QUARTERLY/YEAR-END REPORTS form to Pay Systems by DECEMBER 15, 2008 to instruct us to keep
    your current year payroll files open. Otherwise, we will close your payroll files and process all of your quarter and year-end reports and tax
    returns. Subsquent reprocessing of your reports and returns will result in additional charges.
            Year-end adjustments, which are not reported before or with the last payroll of the year, must be submitted in writing to Pay Systems on
    one of the attached 2008 YEAR-END ADJUSTMENT forms. The examples below are provided to assist you in completing the Year End
    Adjustments form(s). We are available to answer your questions regarding the completion of this form; however, you should consult your
    accountant or tax advisor for specific adjustment questions.

                                                     To record personal use of automobile.

M
    Emp. No.              Employee Name
    001          Betty Barnes

    #
            Pay Type
        Description
        Personal Auto
                                Dept.
                                  1000
                                            Rate         Hours
                                                                   $
                                                                       Gross Pay
                                                                        4,520.00 FICA
                                                                                           Taxes Withheld
                                                                                        Type
                                                                                                   $
                                                                                                       Amount          Description
                                                                                                        345.78 Personal Auto
                                                                                                                            Other Deductions


                                                                                                                                $ 4,520.00
                                                                                                                                           Amount
                                                                                                                                                       C
A     Life over $50K
      S-Corp Premium
      Bonus
    N 1099 Non-Taxable
                                                                                 FIT
                                                                                 SIT
                                                                                 LIT
                                                                                                               Life over $50K
                                                                                                               S-Corp Premium
                                                                                                               1099 Non-Taxable
                                                                                                               FICA Due         < 345.78>              H
N                                      Totals               $ 4,520.00                $ 345.78
    Note: The company is responsible for recovering the "FICA Due" amount from the employee.                            Net Pay
                                                                                                                                        $ 4,174.22
                                                                                                                                             -o-
                                                                                                                                                       E
U   Emp. No.
    002
                          Employee Name
                  Frank Jones
            Pay Type
                                                     To record cost of life insurance premium over $50K.

                                                                                           Taxes Withheld                   Other Deductions
                                                                                                                                                       C
A
    #   Description             Dept.       Rate         Hours         Gross Pay        Type           Amount          Description         Amount
        Personal Auto                                                            FICA              $        36.54 Personal Auto
      Life over $50K
      S-Corp Premium
      Bonus
                                  1000                             $    2,520.00 FIT
                                                                                 SIT
                                                                                 LIT
                                                                                                                  Life over $50K
                                                                                                                  S-Corp Premium
                                                                                                                  1099 Non-Taxable
                                                                                                                                   $ 2,520.00

                                                                                                                                                       K
L   N 1099 Non-Taxable


                                       Totals               $ 2,520.00                $    36.54
                                                                                                                  FICA Due           <36.54>


                                                                                                                                        $ 2,483.46     S
    Note: The company is responsible for recovering the "FICA Due" amount from the employee.                            Net Pay               -o-
    Emp. No.                Employee Name              To record FICA exempt insurance paid for sub chapter S corp. owner.
    003          James B. Owner
            Pay Type                                                                     Taxes Withheld                Other Deductions
    #   Description              Dept.         Rate      Hours       Gross Pay      Type            Amount        Description          Amount
        Personal Auto                                                          FICA                           Personal Auto
      Life over $50K                                                           FIT                            Life over $50K
      S-Corp Premium                  2000                       $      700.00 SIT                            S-Corp Premium   $          700.00
      Bonus                                                                    LIT                            1099 Non-Taxable

M   N 1099 Non-Taxable


                                              Totals             $      700.00
                                                                                                              FICA Due


                                                                                                                                   $      700.00   C
A   Emp. No.
    004
                      Employee Name
                  Jerry Johnson
                                             To record a BONUS CHECK, enter the data from the check issued.
                                                       Check Number              68566
                                                                                                                   Net Pay                 -o-



                                                                                                                                                   H
N
            Pay Type                                                                     Taxes Withheld                Other Deductions
    #   Description              Dept.         Rate      Hours       Gross Pay      Type            Amount        Description          Amount
        Personal Auto
      Life over $50K
      S-Corp Premium
                                                                               FICA
                                                                               FIT
                                                                               SIT
                                                                                                 $ 420.75 Personal Auto
                                                                                                 $ 1,540.00 Life over $50K
                                                                                                 $ 242.00 S-Corp Premium                           E
U     Bonus
    N 1099 Non-Taxable
                                      3000                       $    5,500.00 LIT                          1099 Non-Taxable
                                                                                                            FICA Due

                                                                                                                                                   C
                                                                 $    5,500.00                   $ 2,202.75

A
                                              Totals
                                                                                                                   Net Pay         $ 3,297.25

    Emp. No.
    005
                      Employee Name
                  Ian Contractor
                                             Independent contractor payments for the year.
                                                                                                                                                   K
L   #
            Pay Type
        Description
        Personal Auto
      Life over $50K
                                 Dept.         Rate      Hours       Gross Pay


                                                                                 FIT
                                                                                    Type
                                                                                 FICA
                                                                                         Taxes Withheld
                                                                                                    Amount
                                                                                                                       Other Deductions
                                                                                                                  Description
                                                                                                              Personal Auto
                                                                                                              Life over $50K
                                                                                                                                       Amount


                                                                                                                                                   S
      S-Corp Premium                                                             SIT                          S-Corp Premium
      Bonus                                                                      LIT                          1099 Non-Taxable $ 35,000.00
    N 1099 Non-Taxable                1099                       $ 35,000.00                                  FICA Due


                                              Totals             $ 35,000.00                                                       $ 35,000.00
                                                                                                                   Net Pay               -o-
    Emp. No.          Employee Name          Third Party Sick Pay-FICA Taxable
    006           Susan Hummel
            Pay Type                                                                     Taxes Withheld                  Other Deductions
    #   Description              Dept.          Rate     Hours        Gross Pay      Type            Amount         Description         Amount
        Personal Auto                                                             FICA           $        33.66 Personal Auto
      Life over $50K                                                              FIT                           Life over $50K
      S-Corp Premium                                                              SIT                           S-Corp Premium
      Bonus                                                                       LIT                           1099 Non-Taxable

M   N 1099 Non-Taxable
      3rd Party Sick                  4000

                                               Totals
                                                                  $

                                                                  $
                                                                         440.00

                                                                         440.00                  $        33.66
                                                                                                                FICA Due
                                                                                                                3PS Net Pay
                                                                                                                Exempt 3PS Net
                                                                                                                                 $

                                                                                                                                 $
                                                                                                                                            406.34

                                                                                                                                            406.34
                                                                                                                                                     C
A   Emp. No.
    006
                      Employee Name
                  William Franks
                                             Third Party Sick Pay-Exempt (Long-Term or employee contributes to plan)
                                                                                                                     Net Pay                 -o-


                                                                                                                                                     H
N
            Pay Type                                                                     Taxes Withheld                  Other Deductions
    #   Description
        Personal Auto
      Life over $50K
      S-Corp Premium
                                 Dept.          Rate     Hours        Gross Pay
                                                                                  FICA
                                                                                  FIT
                                                                                  SIT
                                                                                     Type            Amount         Description
                                                                                                                Personal Auto
                                                                                                                Life over $50K
                                                                                                                S-Corp Premium
                                                                                                                                        Amount

                                                                                                                                                     E
U     Bonus
    N 1099 Non-Taxable
      3rd Party Sick                  4000                        $      840.00
                                                                                  LIT                           1099 Non-Taxable
                                                                                                                FICA Due
                                                                                                                3PS Net Pay
                                                                                                                Exempt 3PS Net   $          840.00
                                                                                                                                                     C
                                                                  $      840.00                                                  $          840.00

A
                                               Totals



    Emp. No.
    006
                      Employee Name
                  Nicholas Norris
                                                                                                                     Net Pay


                                             Third Party Sick Pay-$390.00 Taxable (Short-Term); $390.00 Exempt (Long-Term)
                                                                                                                                             -o-

                                                                                                                                                     K
L   #
            Pay Type
        Description
        Personal Auto
      Life over $50K
                                 Dept.          Rate     Hours        Gross Pay      Type
                                                                                  FICA
                                                                                  FIT
                                                                                         Taxes Withheld


                                                                                                 $
                                                                                                     Amount
                                                                                                                         Other Deductions
                                                                                                                    Description
                                                                                                          29.84 Personal Auto
                                                                                                                Life over $50K
                                                                                                                                        Amount
                                                                                                                                                     S
      S-Corp Premium                                                              SIT                           S-Corp Premium
      Bonus                                                                       LIT                           1099 Non-Taxable
    N 1099 Non-Taxable                                                                                          FICA Due
      3rd Party Sick                  4000                        $      780.00                                 3PS Net Pay      $          360.16
                                                                                                                Exempt 3PS Net   $          390.00
                                               Totals             $      780.00                  $        29.84                  $          750.16
                                                                                                                     Net Pay                 -o-