Costpoint Online Help

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Employee Tax Setup Tab

Use this tab to view the payroll-related tax information of the selected employee on the Manage Employee Earnings History screen.

Field Description
Employee

Enter the ID of the employee you want to add to this table, or click to select the ID. To edit or view a record for an employee, click and select the employee's record. The employee's name displays to the right of this field after you enter the employee ID.

Taxable Entity

Enter, or click to select, the company's taxable entity ID. Establish taxable entity IDs on the Configure Company Information screen.

Record Type

Enter a check type of X or Y when you are adding a record to this table. If you are viewing an existing record that you have retrieved using , this field displays that record's check type and cannot be modified. Following is an explanation of paycheck types. This is a required field.

  • R: This represents regular paychecks. These types of paychecks can be generated only from a timesheet. Timesheet types of Regular and Correcting are combined to create regular paychecks.
  • B: This represents bonus paychecks. These types of paychecks can be generated only from a timesheet. The timesheet type is Bonus.
  • V: This represents the negative values of a voided check generated by the Void/Replace Posted Paychecks screen. This is a non-editable record.
  • W: This represents the positive values of a replacement check generated by the Void/Replace Posted Paychecks utility. This is an editable record, but can be generated only by the Void/Replace Posted Paychecks utility.
  • X: This paycheck type can be used any time you want to generate a paycheck without first entering a timesheet. In addition, an X type must be used to make correcting entries to the Employee Earnings table. You must enter a minimum of one line on the Pay Types subtask.
  • Y: This paycheck type can be used any time you want to generate a paycheck without first entering a timesheet. In addition, you must use a Y type to make correcting entries, if needed, on the Employee Earnings table. You must enter a minimum of one line on the Pay Types subtask.

There are no differences between X and Y records. There are two available record types so that two entries per person per Payroll Journal posting can be made.

Note: If you are using X and Y paychecks so that you can print paychecks without entering timesheets, be advised that, when you print checks for a single employee, X and Y paychecks are always combined into a single paycheck. In most cases, however, X and Y paychecks are not printed, but are entered instead on the Manage Payroll Records screen with a dummy check number, or with the check number to which the correction applies.
Pay Cycle

The pay cycle for this record, which was assigned to the employee at the time payroll was processed, is displayed if you are in mode. Otherwise, the current open pay cycle is shown.

Pay Cycle End Date

The pay cycle end date for this record is displayed in mode; otherwise, the current open pay cycle ending period is displayed.

Federal and SUTA

Field Description
Federal Filing Status

This field displays the federal filing status assigned to the employee when the payroll record was created.

Federal Exemptions

This field displays the number of W-4 federal tax exemptions claimed by the employee when the payroll record was created.

Federal Override Amount

This field displays the federal withholding override amount (in lieu of the Costpoint-calculated amount withheld) assigned to the employee when the payroll record was created.

Federal Override Percent

This field displays the federal withholding override percentage (not the percentage from the Federal Tax tables) assigned to the employee when the payroll record was created.

Federal Additional Amount

This field displays any additional federal tax amount the employee elected to withhold, above the Costpoint-calculated amount.

Subject to Social Security

This field indicates whether the employee was subject to Social Security tax when the payroll record was created.

Subject to Medicare

This field indicates whether the employee was subject to Medicare tax when the payroll record was created.

Subject to FUTA

TThis field indicates whether the employee was subject to federal unemployment tax (FUTA) when the payroll record was created.

Subject to SUTA

This field indicates whether the employee was subject to state unemployment tax (SUTA) when the payroll record was created.

Social Security Number

This field displays the social security number assigned to the employee at the time the record was computed or recalculated.

Step 2 of W-4 Select this checkbox if the table for Step 2 of W-4 will be used for this employee's filing status (W-4 Step 2).
Form W-4 Version

Select the version of Form W-4 used by the employee, 2019 or 2020 or greater.

If 2019 is selected, it means the most recent W-4 form submitted by the employee is 2019 or its earlier versions. If 2020 or greater is selected, it means the employee has submitted the 2020 W-4 form or its succeeding versions.

Social Security Deferral

The Social Security Deferral group box contains fields related to the presidential memorandum signed 8/8/2020 which mandates a deferral of the employee portion of Social Security tax for compensation paid to employees whose biweekly pretax compensation generally is less than $4,000. Withholding, deposits, and payments of the employee portion of Social Security tax are to be deferred with respect to the period from Sept. 1 to Dec. 31, 2020. Due to the temporary nature of this deferral and the fact that the IRS may ultimately require employers to report what the employee's Social Security taxable wages and withholding would have been had they not been deferred, Costpoint stores these values as information-only.

The contents of this group box will be populated by the Recompute Taxable Wages screen and will only be populated for records that have already been posted to payroll.

If the employee's Employer Subject to Accrual via Recompute Taxable Wages checkbox is selected on the Manage Employee Taxes screen, the Recompute Taxable Wages application will recognize the employee as one that is eligible for Social Security withholding deferral under the presidential memorandum signed on 8/8/2020. Under this scenario, the Recompute Taxable Wages application will take the following actions on the Employee Earnings History records that fall within the specified date range:

  • The Employee Social Security Withholding Deferred checkbox will become selected to indicate the record was processed for the Social Security withholding deferral.
  • The application will calculate what the Employee Social Security Taxable Wages would have been had withholding not been deferred and store that amount as information-only in the Deferred Employee Social Security Taxable Wages field.
  • The application will calculate what the Employee Social Security withholding amount would have been had withholding not been deferred and store that amount as information-only in the Deferred Employee Social Security Withholding field.
Note:

The Social Security Deferral group box and its fields will only be visible if the record was processed through Recompute Taxable Wages and the employee's, but not the employer's, portion of the Social Security tax liability was deferred. The following is the setup for this scenario:

  • The employee's Employer Subject to Accrual via Recompute Taxable Wages checkbox is selected on the Manage Employee Taxes screen.
  • The Employee Earnings History record was processed by Recompute Taxable Wages screen where the Recompute - Social Security Taxable and Accrual checkbox and Apply Employee's Current Taxability - Social Security checkboxes were both selected.
Field Description
Employee Social Security Withholding Deferred This checkbox indicates whether or not the employee's Social Security withholding was deferred under the presidential memorandum signed on 8/8/2020.
Deferred Employee Social Security Withholding This field displays what the employee's portion of the Social Security tax liability would have been if it had not been deferred under the presidential memorandum signed on 8/8/2020.
Deferred Employee Social Security Taxable Wages This field displays what the employee's Social Security taxable wages would have been if it had not been deferred under the presidential memorandum signed on 8/8/2020.