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USPS-R Calendar Year End Preparation - Life Insurance Premiums Over $50,000 (NC1 Reporting)

Life Insurance Premium (Formerly-NC1) This The Life Insurance Premium pay type is used in the processing of used  when processing  the taxable amount of life insurance premiums on W2's for coverage in excess of $50,000.  Any NC1 Life insurance amounts are taxed by Medicare and Social Security, as applicable. No Federal, state, or OSDI tax is deducted from this amount during the payroll process . The USPS-R software provides the ability to withhold city tax on non-cash earnings. This can be activated by checking the "Tax Non-Cash Earn" box on the city tax record in the Core>Payroll Item Configuration option.  *Note:  Please verify with your specific municipalities for their requirements.

Click here for IRS link for reporting Group-Term Life Insurance.  In “Publication 15-B”, click on the Group-Term  Life Insurance Coverage section.  You will find the tables for rates on Page 14 of this documentation.

USPS-R gives you options on how you can report Taxable Amounts of Life Insurance Premiums over $50,000 for the calendar year.  Best The best option is still reporting these amounts by before the final payment for the employee for the calendar year or at time of termination of employment through the Payroll-Current or Payroll-Future area using the Pay Type of “Life “Life Insurance Premium”Premium”.

You may also use the Core>Adjustments area if the If the Life Insurance Premium Pay Type was NOT USED  NOT USED prior to the last pay of the calendar year.  Under the CORE>ADJUSTMENT JOURNAL you would choose the “Type” of “Life Insurance” and enter the amount , you may use the Core>Adjustments area to add the Life insurance Premium amount for W2 reporting purposes.  Under  Core>Adjustments you would  click Create, find the Employee, choose the Payroll Item- 001 Federal Tax,  choose the Type of “Life Insurance” enter in the Transaction Date and enter the Amount to show correctly on the W2 form and to ensure that the Quarter balances.  This amount would only be entered under the 001 Federal Payroll Item.  The W2 Report When the record is saved this amount will automatically adjust the Federal, State, OSDI and City, if applicable, the ,  City  and Medicare total and taxable gross amounts for  W2 reporting purposes.  No manual adjustments are needed for the Gross and Taxable Gross amounts.  However, if .  Medicare withholding on this amount MUST be paid.  If the Medicare withholding was is paid by the employee, employer or employee and employer, adjustments must will be made using Core>Adjustments/Type-692/693 Medicare Tax to the Amount Withheld and also the Board Amount of Payroll Item. If Medicare is fully board paid (Pickup), then the total Adjustment should be made to the Board Board Amount of Payroll Item.NOTE  *Note: The city is only adjusted when the Payroll Item Configuration setup for the city payroll item is checked to Tax Non-Cash Earnings. In Classic, the Taxable and Total gross must be manually adjusted. 

Five Year Forecast

The Five-Year Forecast is included in Redesign. 

The USASFF report from classic can be found under REPORTS or the HOME page.  It is called SSDT Financial Report by Line Number.

The user-friendly Five-Year Forecast that districts used in Classic can be found under the PERIODIC dropdown in Redesign. (Insert Screenshot)

The UI Grid is showing the Forecast Line number, the three years actual revenues and expenditures, the average percentage of change and in the last column the current fiscal year estimates. (Insert Screenshot)

By selecting the CSV Report option, this grid will be pulled into an EXCEL spreadsheet for district use.

The Forecast Template districts used to submit to ODE can be found by selecting the EXCEL Report option. The tabs displaying Instructions, Extras, Forecast, Parameters, Data, Summary View, Percentage View and Charts contain district data as it did in Classic.
(Insert Screenshot, have the forecast Tab open)

The district can compare the current fiscal year estimates with actual figures by using the Spending Plan reports which generate in a forecast format listing each monthly actual amount for each line number and a FYTD total.

Instructions for EMIS submission can be found on the Instructions Tab and by contacting your ITC.