How can the 4 Miscellaneous Deductions be used?
|Misc#||Dollar Amount||Amount or Decimal||W-2 Box 12 Code||Select Non- Taxable||Local Tax Deduct No.2||Cash Tips Offset||Rate Times Hours Worked||OR STT||NY Family Leave|
TKT Payroll software has 4 miscellaneous deductions that can be renamed and used for any kind of deduction. The above matrix shows how the various deductions can be utilized. You may change the name of any of these 4 deductions by using the steps below. You should pick a miscellaneous deduction that is not currently being used. If you are an employer that processes TIPS, the 4th miscellaneous deduction has been named as "Tips" for the offset of cash tips.
The miscellaneous deduction title names are universal for all employees. Only one W-2 Box 12 code deduction can be setup. Either the miscellaneous deduction 1 or the miscellaneous deduction 2 can be used to setup a W-2 Box 12 code deduction.
1. Select "Utilities" on the main menu bar.
2. Click "Settings".
3. Rename the miscellaneous deduction title for the deduction you choose to use. You will have to abbreviate the title name to 6 digits or less (ex. Advanc, Garnis, Child, FLeave, STT, WBF, L & I, RothAA). The miscellaneous deduction title names are universal for all employees.
4. If the deduction should be Non-Taxable, click the check box to right of the pay title to make the deduction Non-Taxable. All Non-Taxable miscellaneous deductions are Non-Taxable for FT(Federal Tax), ST(State Tax), and LT(Local Tax). However, selecting Non-Taxable for the FIRST micscellaneous deduction makes the deduction also Non-Taxable for SS(Social Security), and MC(Medicare).
5. Click the "Save Changes" button.
After you have made the above changes for the miscellaneous deduction, select "Employee Records" on the Main Menu bar and click "Employee Changes". Select the subject employee record, and enter the amount to be deducted per pay period in the box to the right of the miscellaneous deduction name. Click the "Save" button to save the change. A deduction will be made for every pay period until the deduction amount is removed from the employee record.