MISC
What is a SUTA Limit?
A SUTA Limit varies by each state and it is the threshold that employers have to hit before they are eligible to stop paying SUTA for that employee
What are the differences between 2019 W4 and 2020 W4?
The differences are how allowances are handled. 2019 used allowances vs 2020 using dollar amounts and claim dependents. 2020 has multiple jobs, and different filing statuses.
2019 also taxes at a higher rate than 2020 and after
Can a State Income Tax ID and a SUTA Tax ID be different?
Yes, the IDs are different. SUTA income id for State Unemployment and State Income ID to pay for state income taxes to the state.
While performing your invoice validations, you notice some inconsistent billing fees. How are these handled within HCM?
Any non consistent billing fees, we do not set up on the client level and the consultant should be creating a case to the billing team.
What is a SUTA Minor Tax?
It is an additional SUTA tax depending on the state, it can have multiple State Unemployment taxes that it needs to pay. You can make the determination by checking the tax vertex
What is the meaning of “HCM”?
Human Capital Management
False or True. Is the limit for SUTA always 7.000? Explain your answer
No, it depends on the state.
What are the percentages for FICA OASDI and FICA Medicare taxes?
FICA OASDI: 6.2%
FICA Medicare: 1.45%
What are the steps to verify the last check date imported into HCM?
Navigate to ‘Manage Clients’, search for the client, and select ‘Configure Client’ from the three-point dropdown menu. Then, go to ‘Payroll Settings’ > ‘Payroll Setup’, select the date, and click ‘View’.
This will show you up to which date the client’s data has been imported.
Does Hawaii have a SUTA Minor? Must use tax vertex to validate
Yes, it has a SUTA Minor titled Employment and Training Assessment
What is the taxable wage base for South Dakota SUTA?
Tax vertex needs to be used
15,000
What are the steps to verify or establish the retirement match rule?
Navigate to ‘Manage Clients’ > Look up your client > Click on the three-point dropdown and select ‘Configure Client’ > Go to ‘Payroll Settings’ > Choose ‘Deductions’ > Click on the three-point dropdown of the retirement deduction > Select ‘Edit’ > Here, you can inspect the match rule in the ‘Match Rule’ section.
What is the annual contribution limit for an individual Health Savings Account (HSA) plan? Year 2024
$4.150
What is the annual contribution limit for a family Health Savings Account (HSA) plan? Year 2024
$8.300
What is the maximum amount that employees can contribute as a catch-up contribution to their Health Savings Account (HSA)? Year 2024
$1.000
What is the method to verify if a FICA variance is due to a catch-up?
You need to verify the employee's taxable wages for FICA with the report "Payroll Register - HCM to iSolve Comp". Once you find the taxable amount for FICA you multiply it by 6.2% for FICA SS (OASDI) or 1.45% for FICA Medicare, when you have the result you have to substract it with the amount taxed you have in the same report, if that equals the variance you have in your parallel, then it's a catch up.
Why is it not possible to alter a W4 from before 2020 in HCM?
This is because HCM updates the W4 to the current date we possess, which results in it becoming a post-2020 W4.
What is the maximum earnings subject to the FICA OASDI tax in 2024?
$168.600
What steps should you take if you encounter a FIT variance?
Has the employee’s W4 been imported correctly? Does the employee have incorrect W4 information in Certipay, such as pre-2020 head of household status or small numbers in the post-2020 employee tax credit? Is the employee lacking any pre-tax benefits or retirement deductions? Does the employee have a pre-tax benefit that they shouldn’t have?
How can we determine if there’s a need to include an additional payment or check in the timesheet according to the CertiPay report?
By examining the voucher number in the CertiPay labor distribution, we can determine the following: if the numbers vary, it indicates a separate check; if they are identical, it signifies an additional payment.
Identify five states where the billing of their State Unemployment Tax is influenced by pre-tax benefits
AL, CT, DE, DC, HI, IA, KY, MA, MI, MN, MT, NV, NH, NJ, NY, ND, PA, PR, SD, TN, TX, VT, WA, WV
How can you ensure that deductions are only taken out from a specific check?
Choose the employee’s payment > Click on the three-point dropdown > Select ‘View Info’ > Choose the deduction from the three-point dropdown > Click ‘Edit’ and in the ‘check number’ field, select the check number from which you want the deduction to be made.
What are the steps to establish Workers Compensation reporting and billing?
If the client bills for Workers Compensation, a rate should be entered in both the Rate and Billed Rate sections. However, if the client only reports Workers Compensation, the Billed Rate should be set to 0.
What troubleshooting steps should you take if you encounter a variance in SUTA or FUTA? Say 3.
Has the employee reached the limit in any of the systems? Are there any pre-tax benefits that could be impacting the taxes? If the difference is only a few cents, could it be a catch-up? Is this client exempt from SUTA or FUTA? Has there been a recent change in the rate for this client?
What steps should you take to troubleshoot if you encounter discrepancies in 401k deductions?
Does HCM use the same pay types for calculations as Certipay? Are there any pay types that should be included or excluded from the retirement calculation? Is the employee’s percentage contribution in HCM identical to that in Certipay? Has there been a recent change in the employee’s deduction amount?