Vision Payroll

March 25, 2009

Tip of the Week: Setup PayChoice Online Tax Codes for COBRA Changes

Do you have former employees eligible for the COBRA continuation coverage premium subsidy? Do you need to know how to enter the premiums paid so that you may claim the credit on your Form 941, Employer’s QUARTERLY Federal Tax Return? Do you have questions on how the credit will be applied? This week’s Tip of the Week guides you through all this and more.

Under the American Recovery and Reinvestment Act of 2009 or ARRA, certain involuntarily terminated employees are eligible for employer-provided subsidies to help pay for their COBRA continuation coverage. Employers may then claim a credit on their Form 941 to be reimbursed. Earlier posts discussed the requirements and mechanics of the credit. Click the COBRA tag to learn more. This post assumes that you have made eligible premium payments and now need to initiate the process to claim the credit on Form 941.

First, contact Vision Payroll and ask for a full overwrite. You should plan for us to do this immediately after your payroll has been processed. Locate the former employee for whom the payment was subsidized and select the employee’s Manual Adjustment Screen. If the premiums subsidized were for a single plan, choose code FS, otherwise choose code FM. Enter the 65% subsidy as a credit amount, e.g., -200.00. Key 0.00 in the Check Amount field—this is a mandatory step. Save the adjustment and you’re finished.

If the credits are less that that payroll’s Form 941 tax deposit, Vision Payroll will deposit the net amount. If the credit is greater than that payroll’s Form 941 tax deposit, Vision Payroll will reduce the amount of the claimed credit to exactly offset that payroll’s deposit and carry-forward any balance to the next payroll to reduce that payroll’s deposit.

Contact Vision Payroll if you have any questions on the COBRA continuation coverage premium subsidy.

August 29, 2008

Question of the Week: Can I Stop My Employee’s Direct Deposit One Time Only?

Filed under: News — Tags: , , , — Vision @ 11:36 pm

This week’s question comes from George, a business owner. We’re planning an end-of-summer party with bonuses for our employees. I’d rather give them live checks for their bonuses. Can I stop an employee’s direct deposit one time only? Answer: You can easily stop direct deposit for any or all employees whether you submit your payroll online or by some other method. If you want to stop direct deposit for one or more employees online, simply check the “Stop Direct Deposit” box for selected employees on the Pay Detail section. If you want to stop direct deposit for all employees online, simply check the “Stop Direct Deposit” box on the Dates section. If you still don’t submit payroll online, indicate on the time sheet those employees for whom you wish to stop direct deposit. You may also contact Vision Payroll by telephone or e-mail to stop direct deposit. Using any of these methods will only stop direct deposit for that paycheck or payroll and direct deposit will become active on the next paycheck or payroll.

August 6, 2008

Tip of the Week: Create Customizable Reports Using PayChoice Online

Do you need to create reports using payroll data over a time period? Using PayChoice Online you can prepare unlimited customizable reports. You can create payroll history for a single employee, entire departments, or all your employees and use these reports to help prepare workers’ compensation audit reports or Health Insurance Responsibility Disclosure (HIRD) forms. You can also export report data to Excel for use in proprietary spreadsheets. If you’re already using PayChoice Online, click Web Reports and then Custom Reports. Not using PayChoice Online yet? Contact Vision Payroll to get started.

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