on 02-04-2013 6:28 PM
We have a deferred comp benefits plan which payout annually after employee retires.
The requirement is to tax this one time different comp payment at Annualized Rate (Table 7 on IRS Circulation E).
Since the employee is on Bi-Weekly Payroll, BSI is always calculating Tax using Bi-Weekly Tax Table on IRS Circulation E.
Is there a way to override this to Tax this one time Payment at annualized rate from Table 7 on IRS Circulation E.
Thanks for your help!
Vaibhav Thokia
I still need help with this situation. Here are more details.
We have a scenario where we have to make deferred comp payment to certain associates.
Catch is this deferred comp payment should be taxed as annualized Payroll period and not the bi-weekly payroll period.
So if you refer to IRS Circular E for tax calculation, this payment should be taxed as per the calculation in Table 7 – Annual Payroll Period.
I called BSI for the help and only way they would use Table 7 if we on BSI interface we send value 1 on field PP ( Payroll Period).
Field PP on BSI Interface is being populated through employee Payroll Area. Is there a way to overwrite this field on BSI interface in SAP?
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