How is the employees FICA exempt status used within the payroll reports and the FarmBooks application? Can this value be changed during the calendar year?
It is very important to carefully consider your payroll setup data and deductions before the first payroll check is written. This will ensure that the proper amounts are withheld for the calendar year and that the reports will be accurate. The FICA exempt status is recorded on each payroll transaction at the time that the paycheck is written. Changing the employee FICA exempt status during the year will impact the Form 943 report and the Payroll Summary by FICA Status – All Employees among other reports. Hence, if you change the employee FICA exempt status during the year, it will be necessary to edit each paycheck (must bring up the data in the detail window and update it) and then record it to have the new FICA status reflected on each paycheck so that the these reports will be accurate. The FICA status is not displayed with the payroll grid so it can be a tedious task to correct your data. It is not recommended to change this value during the calendar year unless absolutely necessar
Related Questions
- Reverse Mortgages --- HOEPA Status. If a lender reports an application or loan for a reverse mortgage, should a lender report HOEPA status?
- Are churches required to withhold payroll taxes from employees and file payroll reports?
- Why does the Online Application Status Check take so much longer than it used to?