Calculate tax withholdings based on federal and state tables utilizing employee selection of deductions and then deduct. 4.2 Calculate university contributions. Based on plan code in HRIS and retirement gross. 4.3 Calculate benefits. Calculate fringe benefit charges to department and retirement benefits.
Calculations are system generated based on object codes.
4.4 Maintain employee dollar balances and benefit hours. The system automatically maintains dollar balances and benefit hours on an annual basis based on payroll activity that has occurred during the year and balances carried forward from prior years. 4.5 Record financial transactions System automatically generates accounting transactions charging departments appropriate salary and benefit charges, and moving dollars to appropriate university accounts for manual payment of miscellaneous deductions and benefits. 4.6 Distribute deductions to agencies Deductions such as retirement benefits and miscellaneous deductions are paid by FMS to the appropriate agency. In the instance of the retirement benefits a tape of employee data is sent to the agency for appropriate recording into individual accounts.