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Hitomi Sekine Local Government Reporting Section Division of Accounting and Reporting
1)Total Wages Box 5 vs. Gross Wages 2) New Developments
Box 5 on W-2: Total wages subject to Medicare taxes
Details of a position
Add Taxable Employer Paid Benefits Examples: Car allowance Meeting stipends Additional pay, including incentive, bonus, retention, bilingual pay Achievement awards Nonqualified Deferred compensation (Per IRC Section 409A)
Subtract applicable “Before Tax Deductions”: Examples: Medical reimbursement deduction Dependent care reimbursement deduction
June 30 th FY End Due Date - October 18 th GCC (2012) FTR (FY 2012-13) FTR Pilot Program Newer version of MS Access
Hitomi Sekine, Manager: (916) 322-3881 Matthew Harada, Analyst: (916) 324-5975 E-mail: GCCsupport@sco.ca.gov
Expense we must pay to allow your local, state, and federal governments to provide services Services include Medicare, Medicaid, the military, the.
Unit 2 Lesson 2 Remediation 1. The Earnings Section The Deduction Section The Personal Information Section Parts of a paycheck stub.
Figuring Your Paycheck Life Choices _____. Introduction Main reason most of us work is to _____ Paychecks are used to pay for _____ Important to know.
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CPP / FPC Study Group WELCOME ! Please sign in Review of Answers Presentation Material Review Test of Section 2.
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Section 2Employer’s Payroll Taxes What You’ll Learn How to calculate the employer’s FICA taxes. How to calculate federal and state unemployment taxes.
All payslips contain the following information: Employers Name Your Name, Date of Payment National Insurance Number Tax Code Payment Method (BACS, Cash,
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Chapter 3 Departmental Payroll. After the payroll register has been prepared, a check is written to transfer the total net pay amount from the regular.
Chapter #1. Section #1.1 Compute payroll deductions and net pay. Identify optional and required employee benefits and recognize their value.
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Understanding Timecards, Taxes and Paychecks Why do we need to keep a record of hours worked? To be paid for hours worked Employers keep detailed records.
Budget Notes Gross Income: the total amount of money one earns Ex. $7.25 an hour Multiplied by 40 hrs. per week______________ Multiplied by 52 weeks per.
Getting Started What is a 457 plan? A tax advantaged deferred compensation retirement plan Created by Section 457 of the Internal Revenue Code
Gross Income the total amount of money one earns Ex. $6.15 an hour Multiplied by 40 hrs. per week_______________ Multiplied by 52 weeks per year________________.
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