Using your Payroll Summary Report use the
following formulas for verification:
FICA and FICA Matching (%
may change) FICA deduction 7.65/FICA benefit 7.65
G3 x 7.65 = FR (or the
code you use for the FICA Benefit)
G3 x 7.65 = T2
Medicare and
Matching Medicare (Illinois Schools) - These figures should always equal
G7 x 1.45 = m
m = MC and MR (deduction/benefit codes may vary from
district to district)
IMRF (Illinois Schools) Employee and Board
Share
G5 x employee share = ie
ie= IM (deduction code may vary from
district to district)
G5 x board share = ib
ib= RM (benefit code may
vary from district to district)
Depending on the state and retirement
gross codes (i.e. G4(I) G5(T) ) setup your own formulas for verification of
totals.
PERA (Colorado Schools) Employee and District Share
G5 x employee share = ie
ie = PERA (deduction code may vary from
district to district)
G5 x district share = ib
ib = PERAMA (benefit
code may vary from district to district)
The “X” Wages on the
bottom of the last page are a breakdown of total gross for each pay entry,
separated by gross codes (aka gross code indicators).
For example, a
gross code of 5 will total into the X5 wages. This is a separation “tool” for
grosses for those that want a total for each gross code used in the payroll
entries. The total of the “X Wages” will equal the G1 Wages, which is the total
gross entered for the payroll. There is a Gross Pay by Indicator report for a
break down.
The FICA Breakdown is located on the last page of the
payroll summary. FICA is made up of two components Social Security (Oasdi) and
Medicare (HI). SDS splits the total FICA into these breakdowns using the T21 and
T22 codes for reporting purposes.
Taxable Gross
G1 – all tax
sheltered deductions = G2(taxable gross)
Direct Deposit Totals
The total of the Direct Deposit Report must match the total of the
Direct Deposit column on the Employee Check Register Report
Net
Pay
Total on Payroll Distribution Report – Total on Payroll Liability
Report = NT
To understand your payroll reports better search for
“Understanding Your Payroll Reports”.