Date: March 25, 2004
Bulletin No. 468
|Subject||New Earnings Codes for Current Year Social Security and Medicare Adjustments|
notify Agencies of two new Earnings Codes, TF8 - SS Refund Wage
Adjustment and TF9 - Med Refund Wage Adjustment, used by OSC in
Time Entry for processing approved tax refund requests for current year
Social Security (TF5) or current year Medicare (TF6) refunds.
NOTE: THESE NEW EARNINGS CODES ARE FOR OSC USE ONLY.
|Affected Employees||Employees who receive current year Social Security and Medicare tax refunds.|
|Checks dated April 15, 2004 for Institution agencies and checks dated April 21, 2004 for Administration agencies.|
Effective October 24, 2003, a new
procedure was implemented to process tax refunds through the payroll system
(refer to Payroll Bulletin No. 434). In order to ensure that employees'
Social security and Medicare wages are updated accurately, two additional
Earnings Codes have been established as follows:
TF8 - SS Refund Wage Adjustment - This code will be used to adjust the Social Security wage resulting from an automated TF5 Social Security Refund processed by OSC.
TF9 - Med Refund Wage Adjustment - This code will be used to adjust the Medicare wage resulting from an automated TF6 Medicare refund processed by OSC.
These codes do not adjust gross or net pay. The codes are for Social Security and Medicare Wage adjustment purposes only.
|Payroll Register And Employee Paycheck||The Earnings Codes TF8 and TF9 and the amount will be displayed on the payroll register. The earnings description and amount will also be displayed on the employee's paycheck.|
|Questions||Question regarding this bulletin may be directed to the Payroll Deductions mailbox.|