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The non-cash earnings amount is calculated by taking the number of thousands and multiplying it by the factor calculated in the previous step.
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Processing a Life Insurance Premium Payment Through a Payroll
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9. Enter the Employee, Payroll Item 001, Type of Life Insurance, a Transaction Date, Amount equaling the life insurance calculate in Step 1, and a Description for future reference.
10. Click Save. The Total Gross and Applicable Gross fields for the Federal, State, City (if the "Tax Non Cash Earn" field is checked on the city tax record found on the Core>Payroll Item Configuration screen), OSDI, and Medicare. This is reflected on the W2 Report. When the employee files their city taxes, they will owe city tax (if applicable) for the life insurance amount not paid through the system.
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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:
Go to Core>Adjustments and create an adjustment for a negative value to adjust the Applicable Gross according to the calculations above. |
Medicare Paid by Employee and Board
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