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Payroll Toolkit

The Payroll Toolkit screen allows one-time or time boxed reports and processes to be added to the system.

The reports/processes on this screen may no longer be available after either their time has expired or their use has been completed. The screen provides the following toolkits.

Create Manage Deferred Tax Payments Records Toolkit

On August 8, 2020, the President signed an executive order which allowed employers to defer Social Security tax withholding for certain employees from September 1, 2020 through December 31, 2020. In late August, the Internal Revenue Service (IRS) announced that employers that opted to defer the withholding must pay the money back by April 2021.

In order to track the amounts already repaid and the future repayment amount, Costpoint added the Manage Deferred Tax Payments screen. You may either manually enter the data into the Manage Deferred Tax Payments screen or use this toolkit to generate the records. If you opt to use this toolkit, you must it run after the last paycheck in 2020 is posted and before the first paycheck of 2021 is computed. You may also use this toolkit to update the Total Amount Deferred, Payment Period End Date or Payment Period Start Date for existing Manage Deferred Tax Payment records at any time.

You run the toolkit for a specific pay cycle and can include one, a range, or a non-contiguous list of employees assigned to the pay cycle. Records will be generated for any employees that had deferred Social Security withholding between the specified deferral period start date and deferral period end date. Since employers either manually adjusted employee Social Security withholding to handle the deferral or used the Employer Subject to Accrual via Recompute Taxable Wages check box on the Manage Employee Taxes screen to defer the Social Security withholding, Costpoint allows you to specify the source of the deferred amount. The toolkit will perform the following actions based on the source of the deferred amount:

  • If you set the Source of Total Deferred Amount to Deferred Social Security withholding from earnings history, the toolkit will generate a Manage Deferred Tax Payment record for an employee that has a Deferred Employee Withholding amount in Manage Employee Earnings History.
  • If you set the Source of Total Deferred Amount to The difference between calculated and actual Employee withholding, the toolkit will calculate the expected Social Security withholding based on the employee's Social Security taxable wages and compare it to the employee's actual Social Security withholding. If there is a difference, a Manage Deferred Tax Payment record will be generated.

Create Payroll Records to Repay Deferred Social Security Toolkit

Use this toolkit to generate an X-type payroll record that will be used to repay an employee's deferred Social Security withholding tax. An X record will be generated for any employee that meets the following criteria:

  • The employee is in the toolkit screen's employee selection criteria.
  • The employee has a record in the Manage Payroll Records table with the same pay cycle as the toolkit screen pay cycle.
  • The employee has a Manage Deferred Tax Payments record, where the toolkit's Check Date is between the Payment Period Start Date and Payment Period End Date that are set up to repay deferred Social Security withholding for the check date specified on the screen.
  • The employee's deferred Social Security withholding has not been fully repaid.
  • The employee does not already have an X or Y record in Manage Payroll Records where the Deferred Social Security Withholding Repayment check box is selected.
  • The employee has an R-type (Regular) or B-type (Bonus) record in the Manage Payroll Records table where:
    • The check date is the same as the Check Date specified on this toolkit screen.
    • The check number is not populated (a check or payment advice has not yet been printed for the payroll record).
    • The R (Regular), W (Replacement), or B (Bonus) record has positive net pay.

If the employee already has an X record in the Manage Payroll Records table that is not flagged as a Deferred Social Security Withholding Repayment record, then a Y record will be generated. If the employee already has X and Y records that are not flagged as a Deferred Social Security Withholding Repayment record, then an error message will print on the error report. No X or Y record will be created for employees if they already have a Deferred Social Security Withholding Repayment record in the Manage Payroll Records screen.

Before running this toolkit, ensure the Manage Deferred Tax Payments screen is set up for all of the affected employees. The Manage Deferred Tax Payments screen setup provides the instructions on how to generate the repayment records. It is used to do the following:

  • To determine the employee's balance due, the amount paid to date will be subtracted from the Total Deferred Amount.
  • To determine the repayment amount for the open pay period, the employee's remaining balance will be prorated over the number of remaining pay checks between the Payment Period Start Date and Payment Period End Date. If the Apply Override Amount check box is checked in the Manage Deferred Tax Payments screen, the Override Amount per Check will be used instead of the calculated repayment amount. If the repayment amount is greater than the net pay from the employee's R (Regular), W (Replacement), or B (Bonus) payroll record, the repayment amount will be reduced so that the total net pay does not go below 0.00.
  • If the Party Responsible for Payments is set to Employee the repayment amount will be withheld from the employee and you will see that amount in the Employee Social Security Withholding field in the Manage Payroll Records screen. Otherwise, if the Party Responsible for Payments is set to Employer the repayment amount will be withheld from the employer and processed as an Employer Social Security Accrual in the Manage Payroll Records record.

Timing: You must perform the following steps in order to process the repayment correctly:

  1. If you are using the new Create payroll records to repay deferred Social Security toolkit to generate the repayment records, ensure you have check dates assigned to your pay periods in the Manage Pay Periods screen. Each pay period with a check dated within the deferred Social Security withholding repayment period must have a check date assigned to it in order for the repayment amounts to be calculated correctly.
  2. If the employee is responsible for repaying the deferred Social Security withholding, compute a Regular or Bonus payroll for the affected employee in the Compute Payroll screen. If the employer (not the employee) is responsible for repayment of the deferral, then this step is not necessary.
  3. Run the Create payroll records to repay deferred Social Security toolkit or manually enter the repayment record in the Manage Payroll Records screen.
  4. Print paychecks or payment advices.
  5. Post payroll.
Note: If you void a check, the deferral X or Y record will not be voided along with it. You'll have to create an X or Y record to reverse the deferral repayment