Dina - Not a stupid question, good question. So good, that I will beg off
giving a definitive answer. Third party sick pay, such as short term
disability pay, is what I was referring to. 940 and 941 instructions say
need third party sick pay is to be included in calculations. With respect
to worker's comp payments, I do not recall including it in wages-because I
think the insurance company was responsible for it. Fortunately, for us (&
our employees) we haven't had that issue in a long time. Nobody has been
hurt and losing time to receive such payments. So I am much fuzzier on that
issue. A call to your insurance carrier may be in order to get good
information on your particular situation.
We have had lots of experience with third party sick pay though.
Deb
Reeder & Kline Machine Company, Inc.
Dina wrote:
My stupid question of the day. 3rd party sick pay - do you mean workers
comp? The only reason I am asking is we had a person on workers comp last
year - Should of we adjusted his W-2? Isn't that upto the insurance company
to give him a 1099?
[Non-text portions of this message have been removed]
---
## Post #2 by @system
Does any one out there have a method to handle a 3rd party Sick and Accident Policy where by an employee receives Sick Pay benefits from an outside firm with only FICS taxes withheld. Since this 3rd party doesn't send a W2 at year-end it falls to our responsibility to supply a record of this income for reporting at tax time. Is the system capable of recording a manual payroll check? Also, what is the proceedure if you only want to run a few checks for only a few employees for a specific amount out of the system (say for a quarterly bonus)?
Any help would be appreciated.
Rick Schatz
Quala-Die, Inc.
[Non-text portions of this message have been removed]
---
## Post #3 by @system
We have dealt with this very issue by entering a check run with only the
payroll class needed for that individual(s) and assigning separate check
number(s) (out of series with our regular paper checks). This makes the W-2
income accurate for the year. Also makes the FUTA income calculations
accurate too. The catch? I needed to record a reversing General Journal
entry for the employee's portion of the FICA taxes since the 3rd party had
withheld those amounts already. (Also requires deducting the same amount on
the 941). Since we use Vantage's Bank Reconciliation, I also had to enter
adjustments for the "check" written against the account. I hope this helps,
if more detail is needed, please e-mail me directly.
Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
-----Original Message-----
From: Rick Schatz [mailto:
rschatz@...]
Sent: Tuesday, April 10, 2001 8:11 AM
To:
vantage@yahoogroups.com
Subject: [Vantage] Fw: 3rd party Sick Pay
Does any one out there have a method to handle a 3rd party Sick and Accident
Policy where by an employee receives Sick Pay benefits from an outside firm
with only FICS taxes withheld. Since this 3rd party doesn't send a W2 at
year-end it falls to our responsibility to supply a record of this income
for reporting at tax time. Is the system capable of recording a manual
payroll check? Also, what is the proceedure if you only want to run a few
checks for only a few employees for a specific amount out of the system (say
for a quarterly bonus)?
Any help would be appreciated.
Rick Schatz
Quala-Die, Inc.
[Non-text portions of this message have been removed]
To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please go to:
http://groups.yahoo.com/group/vantage/files/. Note: You must have already
linked your email address to a yahoo id to enable access.
Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/
[Non-text portions of this message have been removed]