What is best way to change a 3rd party check entered 12/31/14 for 2014? This was only "wages" received by employee in 2014, do I need to roll back tax tables if only affecting SS and Medicare?
What is best way to change a 3rd party check entered 12/31/14 for 2014? This was only "wages" received by employee in 2014, do I need to roll back tax tables if only affecting SS and Medicare?
Hi John,
The reason for rolling back the taxes if for two reasons - so the check processed with 2014 rates, and so that wages accumulate to 2014 limits.
After posting the check for 2014, we recommend running Recalculate Subject-to to reset subject-to wages back to the 2014 limits. Article 18835 in the knowledgebase has the instructions.
If the pay you are using is exempt from all taxes where the employee already reached the limit, then you do not have to restore the 2014 taxes or run Recalculate Subject-to.
Great Question!
Hi John,
The reason for rolling back the taxes if for two reasons - so the check processed with 2014 rates, and so that wages accumulate to 2014 limits.
After posting the check for 2014, we recommend running Recalculate Subject-to to reset subject-to wages back to the 2014 limits. Article 18835 in the knowledgebase has the instructions.
If the pay you are using is exempt from all taxes where the employee already reached the limit, then you do not have to restore the 2014 taxes or run Recalculate Subject-to.
Great Question!
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