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(tick) Subscribe to the SSDT Newsletter by clicking here.  Your email will be added to a distribution list.                                                             

USPS-R Calendar Year End Preparation - Life Insurance Premiums Over $50,000 (NC1 Reporting)

Life Insurance Premium (Formerly-NC1The Life Insurance Premium pay type is used  when processing  the taxable amount of life insurance premiums on W2's for coverage in excess of $50,000.  Any Life insurance amounts are taxed by Medicare and Social Security, as applicable. No Federal, state, or OSDI tax is deducted from this amount during the payroll process . The USPS-R software provides the ability to withhold city tax on non-cash earnings. This can be activated by checking the "Tax Non-Cash Earn" box on the city tax record in the Core>Payroll Item Configuration option.  *Note:  Please verify with your specific municipalities for their requirements.

Click here for IRS link for reporting Group-Term Life Insurance.  In “Publication 15-B”, click on the Group-Term  Life Insurance Coverage section.  You will find the tables for rates on Page 14 of this documentation.

USPS-R gives you options on how you can report Taxable Amounts of Life Insurance Premiums over $50,000 for the calendar year.  The best option is reporting these amounts before the final payment for the employee for the calendar year or at time of termination of employment through the Payroll-Current or Payroll-Future area using the Pay Type of “Life Insurance Premium”.

If the Life Insurance Premium Pay Type was NOT USED prior to the last pay of the calendar year, you may use the Core>Adjustments area to add the Life insurance Premium amount for W2 reporting purposes.  Under  Core>Adjustments you would  click Create, find the Employee, choose the Payroll Item- 001 Federal Tax,  choose the Type of “Life Insurance” enter in the Transaction Date and enter the Amount to show correctly on the W2 form and to ensure that the Quarter balances.  When the record is saved this amount will automatically adjust the Federal, State, OSDI,  City  and Medicare total and taxable gross amounts for  W2 reporting purposes.  No manual adjustments are needed for the Gross and Taxable Gross amounts.  Medicare withholding on this amount MUST be paid.  If the Medicare withholding is paid by the employee, employer or employee and employer, adjustments will be made using Core>Adjustments/Type-692/693 Medicare Tax to the Amount Withheld and also the Board Amount of Payroll Item. If Medicare is fully board paid (Pickup), then the total Adjustment should be made to the B oard Board Amount of Payroll Item.  *Note: The city is only adjusted when the Payroll Item Configuration setup for the city payroll item is checked to Tax Non-Cash Earnings. 


Five Year Forecast

The Five-Year Forecast is included in Redesign. 

The USASFF report from classic can be found under REPORTS or the HOME page.  It is called SSDT Financial Report by Line Number.

The user-friendly Five-Year Forecast that districts used in Classic can be found under the PERIODIC dropdown in Redesign. (Insert Screenshot)

The UI Grid is showing the Forecast Line number, the three years actual revenues and expenditures, the average percentage of change and in the last column the current fiscal year estimates. (Insert Screenshot)

By selecting the CSV Report option, this grid will be pulled into an EXCEL spreadsheet for district use.

The Forecast Template districts used to submit to ODE can be found by selecting the EXCEL Report option. The tabs displaying Instructions, Extras, Forecast, Parameters, Data, Summary View, Percentage View and Charts contain district data as it did in Classic.
(Insert Screenshot, have the forecast Tab open)

The district can compare the current fiscal year estimates with actual figures by using the Spending Plan reports which generate in a forecast format listing each monthly actual amount for each line number and a FYTD total.

Instructions for EMIS submission can be found on the Instructions Tab and by contacting your ITC. 


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Useful links:



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Shared Reports Library

The State Software Steering Committee's Reports Working Group has created a repository of template report definitions for both USAS & USPS that anyone can download and import into the Redesign.  The links for the repository can be easily accessed through the "Help" menu in USAS-R & USPS-R.  

The repository reports allow users to download different versions of some of the existing SSDT template reports that the SSSC's Reports Working Group has created.  For example, the USAS repository includes several Budget Summary report definitions with various sort options (i.e sorted/subtotaled by Fund, or Fund, Function and Object code, etc.)  Click here to view the report definitions currently available in the Shared Reports Library.  The downloadable report definition, a PDF example of what the report looks like once generated and a detailed description of the report are included on the repository.




REDESIGN STATUS

91

Sites Live on Redesign

65

Total Wave 4 Sites

15

Participating ITCs

133

Total Districts Participating


Please see the Current List of Districts & Status to see a comprehensive list of school districts along with their ITC, implementation status and the wave they are scheduled to migrate from Classic to Redesign.

The following terminology is used to determine where in the implementation process the entity is currently at:

  • Implementing: The ITC is running test imports and balancing reports on the entity.  The district and ITC are working to schedule dates to begin dual processing and go live.
  • Paralleling: The entity is inputting all production transactions into both Classic and Redesign.
  • Live: The entity is using Redesign for production processing; no parallel processing is being performed;  Classic is available in 'read-only' mode.




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Auditor Access/Reports in USXS-R

Listed below are a few tips/tricks to assist auditors in working with the Redesign software:

  • Total As Of Period
    • When running account-based reports for the prior year, there is no need to set the current period back to June of the prior year or re-open a period.  Instead, auditors can use the "Total As of Period" parameter provided on many of the account-based reports (i.e. Budget Summary) and enter a date in the prior fiscal year (i.e. 06/30/2019) which will report the data as of that time period.  
  • Report Crosswalk
    • Report crosswalks are available in both USAS-R & USPS-R documentation that the auditors can reference.  The crosswalks contains the name of the Redesign report and its Classic counterpart.
  • User Listing Report
    • If the auditors are requesting a report of Redesign user accounts, SSDT has provided template report definitions available in the User chapters in both USAS-R & USPS-R.  You can download the 'User Listing' report definition and import it into Redesign and generate a report containing the Username, Name, Last Login and Role(s) of each user in the entity.