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When the Life Insurance Adjustment is added, each OSDI Payroll Items> Applicable Gross is increased by the life insurance amount. If an employee lived in multiple school districts throughout the year, the Applicable Gross for each OSDI Payroll Item will need to be calculated and Adjustments to reduce the OSDI's Applicable Gross accordingly should be entered. The Applicable Gross for OSDI Payroll Item is calculated by the following: - Cost Per Month = Total Life Insurance Amount/Number of Months the Employee Had the Life Insurance
- Cost Per Month X Total Months in School District
Go to Core>Adjustments and create an adjustment for a negative value to adjust the Applicable Gross according to the calculations above. |
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A 'Difference in Adjusted Gross' will show for the NC1 payments on the Quarter Report. |
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- If the employee is responsible for paying their portion of Medicare, the following adjustments will need to be created:
- Go to Core>Adjustments.
- Click Create.
- Enter the Employee, Payroll Item 692, Type of Amount Withheld, a Transaction Date, Amount equaling the calculated Medicare amount, and a Description for future reference.
- Click Save.
- Go to Core>Adjustments.
- Click Create.
- Enter the Employee, Payroll Item 692, Type of Board's Amount pf payroll item, of payroll item, a Transaction Date, Amount equaling the calculated Medicare amount, and a Description for future reference.
- Click Create.
- Enter the Employee, Payroll Item 692, Type of Applicable Gross, a Transaction Date, Amount equaling the calculated Medicare amount, and a Description for future reference.
- Click Save.
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$1.45 Board's Amount of payroll item for 692
$1.45 to Applicable Gross for 692
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OR
Fully board paid Medicare
- If the Medicare is fully board paid (referred to as Medicare Pickup), adjustments will need to be created. (Board will need to pay for both Employee and Employer portion of Medicare.)
- Go to Core>Adjustments.
- Click Create.
- Enter the Employee, Payroll Item 001, Type Life Insurance, a Transaction Date, Enter the Amount of the Life Insurance, and a Description for future reference.
- Enter the Employee, Payroll Item 692, Type of Board's Pickup Amount of Payroll Item, a Transaction Date, Enter the Amount of the board pickup, and a Description for future reference.
- Enter the Employee, Payroll Item 692, Type of Applicable Gross, a Transaction Date, Enter the Amount of the Life Insurance, and a Description for future reference.
- In order for Quarter report, 941 QTD Employer's Medicare Contribution to balance, add an adjustment using 'Board's Amount of Payroll item' for this amount.
- Click Save.
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$1.47 Is the amount of Board's Amount of payroll item'. This will update the 941 Quarter Quarter report 'QTD Employer's Medicare Contribution.'
$1.47 Is the amount of Applicable Gross. This will update the employee's W2 Taxable Gross for Medicare.
Adjustment records needs to be created:
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