Maurice,
Tax updates only address the tax rates, not necessarily what will be taxed so I don't think that will be in any releases for these updates.
The elimination of the sheltered contribution should be easy as you will just need to remove the item from the exemption tab of your IL state tax deductions in the Deduction Setup.
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David Callery
Consultant
Coe & Company, LLC
Jefferson LA
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Original Message:
Sent: Aug 01, 2019 01:30 PM
From: Michael O'Neill
Subject: Illinois 401(k)
Hi Maurice,
Maybe move from Illinois....lol :)
I would think that if you're on a supported version of SL, shouldn't that be part of tax update package? Maybe someone from Plumbline can chime in on that....
I looked at the earnings and deduction types and didn't see a way either....
Will be interested to see what the solution is....
Thanks,
Michael
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Michael O'Neill
Director of Finance
Eastex Telephone Cooperative
Henderson TX
Original Message:
Sent: Aug 01, 2019 11:43 AM
From: Maurice Shallow
Subject: Illinois 401(k)
Good Day!
The state of Illinois says that employee contributions to a 401(k) plan do NOT reduce total wages, and that EMPLOYER contributions INCREASE total wages. In other words, I'm paid $1,000 gross, contribute $50 to my 401(k), and my employer contributes another $50. My total wages per the state of Illinois should be $1,050.
I can't think of a way to accomplish this in SL's payroll. Any ideas?
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Maurice Shallow
Chief Financial Officer
Association of Illinois Electric Cooperatives
Springfield IL
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