0 Higher Education Payroll Processing & Reporting Jan 2016 Q & A SESSION NOVEMBER 10, 2015

Higher Education Payroll Processing

& ReportingJan 2016

Q & A SESSION

NOVEMBER 10, 2015

2Session Overview

Project Update Important Dates Federal Tax Payments

General Requirements

Remote Print Testing Open Forum

3Project Update

User Acceptance Testing 10/26-11/25/2015 Notification sent 10/26 Users contacted with UserIDs and

password

PFT and 500 Misc Files 9 Completed 1 In Progress Processing 1 File per Institute

4Project Update

User Acceptance Testing Testers301 Form & Testing is required for access into

PeopleSoft Financials Production

Next Steps11/6-11/25/2015 OST ValidationUser Acceptance Testing Signoff Survey

Due 11/30

Ayana.Wilkins@omes.ok.gov

5Important Dates Reminder

November 16 ACES and Participant Maintenance OST security forms 301 security form

November 30 301JE security forms

December 4 Final direct deposit load files due

December 10 GO LIVE

January 2, 2016 Employee mass termination

December 1 ACA test files for testing formats

December 7 File with employees requiring a 1095-C is due from

institutions

December 11 File with multiple agency/institution employees due to

institutions

December 18 File due from institutions on multiple agency/institution

employees that OMES will print combined 1095-C form File due from institutions on other employees if

institution wants OMES to print 1095-C forms (same file)

January 11 – 18, 2016 OMES to print 1095-C forms for state

agencies, multiple agency/institution employees, and other institution employees as requested

February 19, 2016 IRS file for 1095-C reporting due from

institutions Employee counts for authoritative 1094-C

due from institutions

8Federal Tax Payments

https://www.irs.gov/pub/irs-pdf/p15.pdf Publication 15(Circular E), Employer's Tax Guide

https://www.irs.gov/pub/irs-pdf/p15a.pdf Publication 15-A Employer's Supplemental Tax Guide

https://www.irs.gov/pub/irs-pdf/p15b.pdf Publication 15-B, Employer's Tax Guide to Fringe Benefits

https://www.irs.gov/pub/irs-pdf/p5137.pdf Fringe Benefit Guide

https://www.irs.gov/pub/irs-pdf/p963.pdf Federal-State Reference Guide

FSLG website: https://www.irs.gov/Government-Entities/Federal,-State-&-Local-Governments

Federal employment taxes (941 taxes) Income tax – EE withheld Social Security tax – EE withheld & ER

match Medicare Tax – EE withheld & ER match

Other tax liabilities 945 (retirees, backup withholding, etc) 1042 (nonresident aliens)

941 Taxes – When to Deposit Two deposit schedules

Monthly

Semi-weekly

Which schedule to use? Determine before beginning of each calendar year

Based on 941 total liability during the ‘lookback period’

Not determined by how often or when you pay employees or when you make deposits

941 Taxes – Lookback Period

Total Taxes on Forms 941, Line 10 July, 1 2013 – June 30, 2014

3Q13, 4Q13, 1Q14, 2Q14

Liability > $50,000 = semiweekly depositor Liability < $50,000 = monthly depositor

2016: monthly schedule depositor - ?

2016 deposit schedule? Total Taxes on Forms 941, Line 10 July, 1 2014 – June 30, 2015

3Q14, 4Q14, 1Q15, 2Q15

Liability < $50,000 = monthly depositor

Monthly Depositor Deposit taxes on payrolls made during a

month by the 15th day of the following month. Ex: payday = Jan. 29, 2016 with taxes due on Feb.

15, 2016

Ex: paydays = Jan. 8 and Jan. 22 with taxes due on Feb. 15

All paydays for Jan., pay taxes by Feb. 15

General Requirements Semiweekly Depositor

If during lookback period, the total liability was > $50,000

Payrolls paid on Wednesday, Thursday, and/or Friday must have taxes paid by the following Wednesday Ex: payday = Jan. 15, 2016 with taxes due on Jan. 20, 2016

Payrolls paid on Saturday, Sunday, Monday, and/or Tuesday must have taxes paid by the following Friday Ex: payday = Jan. 19, 2016 with taxes due on Jan. 22, 2016

Have 3 business days to make a timely deposit Do not combine payments crossing quarters

Deposits on business days only No weekends No holidays

Timely made if by next business day

Ex: Taxes due by Monday Jan. 18, 2016 and paid on Tuesday Jan. 19, this is considered timely since Jan. 18 is a legal holiday

Legal holiday Any legal holiday in the District of Columbia Does not include State holidays:

Friday after Thanksgiving

Fluctuating extra day at Christmas

Others as determined by Governor

O.S. Title 25, Section 82.1

OST Valid EFT Date Calendar Sent out at the end of November each year to the

agency CFO

$100,000 Next-Day Deposit Rule Applies to both monthly and semiweekly

depositors If accumulated taxes during a deposit period

are $100,000 or more on any day, the taxes must be deposited by the next business day

If you are a monthly schedule depositor and accumulate a $100,000 tax liability on any day, you become a semiweekly schedule depositor on the next day and remain so for at least the rest of the calendar year and for the following calendar year

General Requirements 59.30 + 48.65 + 48.65 + 11.37 +11.37 = 179.34

General Requirements 2,246.73 + 832.56 + 832.56 + 194.78 +194.78 =

4,301.41

General Requirements IRS Form 941 Employer’s QUARTERLY Federal Tax

Return

Schedule B (Form 941) Report of Tax Liability for Semiweekly Schedule Depositors

Questions???

500 Misc Test Files

Pay Types Include records for EFT and paper check for

thorough testing

Participant IDs (Employee IDs) Spaces are not recommended

29Remote Check Printing

Remote Check Printing Agencies currently printing Misc warrants

remotely will also print payroll remotely Agencies will receive a Paybase print file for

warrants in 500 Misc test file “Void” and “Non-Negotiable” will be printed across

the face of the check

Check amount will be changed to $0.00 (void)

Reports will be provided (for testing) with correct dollar amounts

30Open Forum

31Questions?

32Next Sessions

November 23 from 2 – 5 pm December 9 from 2- 5 pm

0 Higher Education Payroll Processing & Reporting Jan 2016 Q & A SESSION NOVEMBER 10, 2015

Documents

PAYROLL REPORTING

0 Higher Education Payroll Processing & Reporting Jan 2016 Q & A SESSION OCTOBER 28, 2015

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0 Higher Education Payroll Processing & Reporting Jan 2016 Q & A SESSION - OVERVIEW AUGUST 5, 2015

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SAP HCM U.S. Payroll & Tax Reporting

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0 Higher Education Payroll Processing & Reporting Jan 2016 Q & A SESSION AUGUST 19, 2015