on 10-09-2014 11:46 AM
what are the standard deductions in us payroll
Hi Jagadish,
For US Payroll, standard deductions includes-
1. Benefits deductions for 401K plans (pre tax, post tax and Roth), Health plans, FSA plans and other Miscellaneous plans.
2. Employee Taxes.
3. Garnishment Deductions that come from legal authorities a.k.a. Court orders.
These are common and standard deductions but you can have otyher deductiosn that can be specific to your clients but that may not be standard.
Thanks,
Ameet
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Hi Jagadish,
Functional differences that would see in USA payroll would be that
1. USA has highly complicated tax rules goverened by IRS (tax models and BSI plays important role here). Processing class 67-71 plays role here for WT.
2. Garnishment calculations are also calculated differently (APA guide can be used as reference for rules needed to define net for garnishment and also for amount that needs to be exempt or non-exempt for garnishment calculation). Processing class 59 and 60 plays important role here for WT.
3. There is also FLSA or RROP rate which is used for USA payroll which calculates certain wage types based on other wage types to derive a rate known as FLSA rate which is higher than your regualr rate that is derived from IT0008 basic pay wage types.
There may be much more in terms of reporting for USA taxation using Tax Reporter functionality to get USA tax reports for tax filing purposes.
Hope this helps.
Thanks,
Ameet
Hi,
Federal Taxes, State Taxed, Locality Taxes, Garnishment, Benefits, etc. Kindly go through Payroll USA WIKI Link
SAP HCM Payroll USA - ERP Human Capital Management - SCN Wiki
Also kindly go through help.sap.com you find detail documentation available over there.
With Regards,
S.Karthik
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