Presentation is loading. Please wait.

Presentation is loading. Please wait.

Important Dates at Year End P010 and P370 Dates. 2 P010 Dates Why are P010 dates important at year end? Example: Someone is leaving state service in December.

Similar presentations


Presentation on theme: "Important Dates at Year End P010 and P370 Dates. 2 P010 Dates Why are P010 dates important at year end? Example: Someone is leaving state service in December."— Presentation transcript:

1 Important Dates at Year End P010 and P370 Dates

2 2 P010 Dates Why are P010 dates important at year end? Example: Someone is leaving state service in December In what year does the money belong and why?

3 3 P010 Dates P010 OR WITHHOLDING DATA / LOCATOR DATA 010 DOE, JANE WH02 ENTER UPDATES RDC/CREW/CST CTR MANDATORY WITHHOLDING ? TAX DATA FOLLOW-UP FLAG: N BEG DATE STAT EXEM ADDL END DATE ? FINAL CHECK ISSUED: ? FED ? FINAL CHECK PERIOD ENDING: ? STATE ? RETIREMENT START DATE: EFF ----FEDERAL STATE----- EIC RTMT RTMT RTMT FICA SAIF UNEM DATE STAT EXEM ADDL STAT EXEM ADDL CD SYST STAT ACCT SUBJ SUBJ SUBJ ? J J N S D Y Y Y ? J J N S D Y Y Y ----WAIVERS---- CLASS DATE CLASS DATE CLASS DATE CLASS DATE CLASS DATE CLASS DATE ? ? ? ? ? ?

4 4 P010 Dates How do P010 dates work? –P010 dates are set to tell the system what month to look at and for what date to make the check. When is it important to set P010 dates? –It is important to set P010 dates when the money belongs in a different year than the system will post it to and to ensure a correct check date.

5 5 P010 Dates P010 OR WITHHOLDING DATA / LOCATOR DATA 010 ANTHONY, SUSAN B WH02 ENTER UPDATES RDC/CREW/CST CTR MANDATORY WITHHOLDING ? TAX DATA FOLLOW-UP FLAG: N BEG DATE STAT EXEM ADDL END DATE ? FINAL CHECK ISSUED: ? FED ? FINAL CHECK PERIOD ENDING: ? STATE ? RETIREMENT START DATE: EFF ----FEDERAL STATE----- EIC RTMT RTMT RTMT FICA SAIF UNEM DATE STAT EXEM ADDL STAT EXEM ADDL CD SYST STAT ACCT SUBJ SUBJ SUBJ ? J J N S D Y Y Y ? J J N S D Y Y Y ----WAIVERS---- CLASS DATE CLASS DATE CLASS DATE CLASS DATE CLASS DATE CLASS DATE ? ? ? ? ? ?

6 6 P010 dates What months will the P010 dates affect once they are set? –P010 dates will only affect one month at a time. So whatever month you have reflected on the P010 screen is the only month that will be affected by the dates entered.

7 7 P010 dates What happens at year end when P010 dates need to be set but you have other months to pay? Bring forward the changes to December. Set December P010 dates. –This is because normaly Dec pay would go into However if the employee is terminating prior to 12/31/09 then the funds would need to be paid in Since we know the P010 dates need to be set for Dec, we will need to move all the prior corrections into Dec and set Dec P010 dates.

8 8

9 9

10 10

11 11

12 12

13 13 P370 Check Dates Why do you have to be careful on the check date you use on the P370? –Tax calculations can be different for the different years. When setting P010 dates and issuing a check for 2009 you will need a 2009 check date. If the funds are for the 2010 year you will need a 2010 check date.

14 14 12/31/06 pay period, 2006 check date: P370 OR ,99900,123106,123106,O CALCULATION OF CURRENT PAYOFF 370 EMPLOYEE, JOSEPHINE INCOME TYPE RATE UNITS AMOUNT TAX /RET AMOUNT DEDUCTIONS AMOUNT TOTAL-R T FIT AHNN001 LONG AEXCESS O SIT KDNNAAA KAIS FICA KMNNAAA KAIS MEDR LCNN UN L WCD 2.40 SLYJ001 JUDI STNN001 SHOR U3NN020 EMP 1.20 GROSS TX/RT DED NET/ACH /.00 CALC YTD? N PRINT CHECK? N CORRECTIVE? N SEPARATION CHECK? N CHECK FEE: _3.98 COMMENT: ________________________________________ ACCT:

15 15 12/31/06 pay period, 2007 check date: P370 OR ,99900,123106,010207,O CALCULATION OF CURRENT PAYOFF 370 EMPLOYEE, JOSEPHINE INCOME TYPE RATE UNITS AMOUNT TAX /RET AMOUNT DEDUCTIONS AMOUNT TOTAL-R T FIT AHNN001 LONG AEXCESS O SIT KDNNAAA KAIS FICA KMNNAAA KAIS MEDR LCNN UN L WCD 2.40 SLYJ001 JUDI STNN001 SHOR U3NN020 EMP 1.20 The difference here is the FICA subject wages already reached the maximum, but 2007 has not. GROSS TX/RT DED NET/ACH /.00 CALC YTD? N PRINT CHECK? N CORRECTIVE? N SEPARATION CHECK? N CHECK FEE: _3.98 COMMENT: ________________________________________ ACCT:

16 16 Year End Tools PS/yearend.shtmlhttp://www.das.state.or.us/DAS/SCD/OS PS/yearend.shtml Frequently asked questions at year end Year End Recommended Practice Flow charts and tools Year End Mini-Conference Material Past Presentations


Download ppt "Important Dates at Year End P010 and P370 Dates. 2 P010 Dates Why are P010 dates important at year end? Example: Someone is leaving state service in December."

Similar presentations


Ads by Google