Yes, there are different type. Apparently this compensation was already charged FICA and Medicare when it was originally earned and then gets Fed and State when paid out. I'm going to use the code Mary Jo recommended and will let you know.
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Mary Mays
Sr. Consultant, DSD Business Systems
DSD Business Systems
KS
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Original Message:
Sent: 05-30-2019 20:02
From: Jeff Schwenk
Subject: Sage 2018/2019 Payroll tax rule for deferred comp
I guess there are different types of deferred comp. I just googled and a lot of the reading indicates that it is subject to FICA/Medicare but is not subject to FIT/SIT. Very interesting. And is it an earnings code that you are looking for an applicable tax rule or a deduction? Looks like a very hot potato. Just wondering what if any guidance Linda Cade is offering......
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Jeff Schwenk
FORMER 90M Board Member
Bottomline Software, Inc.
Waynesboro VA
540-221-4444
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Original Message:
Sent: 05-30-2019 18:26
From: Mary Jo Krueger
Subject: Sage 2018/2019 Payroll tax rule for deferred comp
I believe S-Corp Health Premiums is set for just Fed and State. Make sure you do a test payroll to confirm it behaves the way you expect it to.
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Mary Jo Krueger
Senior Software Consultant
CLA (CliftonLarsonAllen LLP)
Appleton WI
920-996-1176