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1
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
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
6Important Dates Reminder
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)
7Important Dates Reminder
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
General Requirements
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
9Federal Tax Payments
General Requirements
FSLG website: https://www.irs.gov/Government-Entities/Federal,-State-&-Local-Governments
10Federal Tax Payments
General Requirements
11Federal Tax Payments
General Requirements
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)
12Federal Tax Payments
General Requirements
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
13Federal Tax Payments
General Requirements
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 - ?
14Federal Tax Payments
General Requirements
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
15Federal Tax Payments
General Requirements
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
16Federal Tax Payments
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
17Federal Tax Payments
General Requirements
18Federal Tax Payments
General Requirements
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
19Federal Tax Payments
General Requirements
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
20Federal Tax Payments
General Requirements
$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
21Federal Tax Payments
General Requirements
22Federal Tax Payments
General Requirements 59.30 + 48.65 + 48.65 + 11.37 +11.37 = 179.34
23Federal Tax Payments
General Requirements 2,246.73 + 832.56 + 832.56 + 194.78 +194.78 =
4,301.41
24Federal Tax Payments
General Requirements IRS Form 941 Employer’s QUARTERLY Federal Tax
Return
Schedule B (Form 941) Report of Tax Liability for Semiweekly Schedule Depositors
25Federal Tax Payments
General Requirements
26Federal Tax Payments
General Requirements
27Federal Tax Payments
General Requirements
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
28
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
32Next Sessions
November 23 from 2 – 5 pm December 9 from 2- 5 pm
