FICA Table

Use this table to set up rates for projecting employer contributions regarding FICA (Social Security) and Medicare taxes. The table includes just two records, one for FICA and the other for Medicare.

Human Resources' FICA Tax table stores the current employer rates for FICA and Medicare, as well as the maximum gross wages per employee subject to the employer's share. You can adjust Personnel Budgeting's FICA table to reflect rate changes in the budget year. Employee-paid FICA deductions in Human Resources records are ignored in Personnel Budgeting, since they do not affect employer costs.

For details on FICA and Medicare, refer to the Internal Revenue Service's Federal Employer's Tax Guide.

The FICA & Medicare Tax Table report lists the employer rates and maximums, benefit methods, and accounting distributions for FICA and Medicare records. The report's default file name is pfictabl.rpt.

Menu Path: Personnel Budgeting > Reference Tables > Reference Tables > FICA Table

Note
If your account structure needs to be changed in accordance with the Every Student Succeeds Act (ESSA), refer to the PowerSchool ERP Human Resources and Payroll Every Student Succeeds Act Fiscal Year-End Checklist for details on updating Deduction, Pay Code, and Tax tables with new year information.

Fields	Description
Tax Type	Code identifying whether the record is for FICA or Medicare benefits. Select: FI - FICA FM - Medicare
Employer Percent	Percentage rate for the employer share of the tax, entered as a decimal (3.5% =.035000).
Employer Maximum	Maximum gross wages subject to the employer's share of the tax. If there is no maximum, as with Medicare, enter 99999999.99.
Benefit Method	Code determining the distribution of FICA/Medicare benefits. Select: A - All Payrates - Charges budget units from primary and secondary rates. O - Use Override Accounts - Applies the distribution from the FICA/Medicare table record. P - Primary Payrate - Uses the distribution from primary rates only.
Fringe	Budget unit for charging FICA/Medicare benefits. This only applies to the O - Use Override Accounts benefit method. For other methods, skip the field.
Fringe Account	Account number for distributing the employer share of FICA/Medicare benefits. The fringe budget unit and account combine to identify the expense ledger for FICA/Medicare charges.