I know how to make a correction to a FICA deduction for an employee by either doing a FICA refund or an over-collection but how do I make the correction to the EMPLOYER FICA amount?
I know how to make a correction to a FICA deduction for an employee by either doing a FICA refund or an over-collection but how do I make the correction to the EMPLOYER FICA amount?
Transaction History utilized for Editing/Entering employee payroll history data values for:
To enter or edit historical data:
NOTE: The ceiling wage and no ceiling wages will need to be adjusted for the information to show on the W-2 and the tax calculation analysis.
To be able to edit no ceiling wages for local taxes, you will need to access the local tax within Setup, Payroll, and Local/Other Tax Codes. Select the local tax code and click on Calc Base Tab and enter an amount for the Annual Maximum Earnings and Annual Minimum Earnings. This will allow you to enter the no ceiling wages when creating the transaction history record. This will flow to the W2 and the Tax Calculation Analysis report.
On federal or state tax codes you can only edit ceiling wages or no ceiling wages if that type of wage applies to the tax. Example: The USFIT does not have a ceiling wage because there is no limit to this tax, so an edit can only be made to the no ceiling wages.
To update the Deduction amount, Update the Employee Extended Amount field to update the Employee Base Earnings/ Deduction Base amount
To update an employer portion of a deduction or benefit, use Employer Extended Amount.
Additional Information:
Before and after saving the Transaction History record run reports, using the date range of the entire year, to display the current values and the values after the adjustment:
If this response has helped, please consider marking it as a verified answer.
Thanks Beth!!
*Community Hub is the new name for Sage City