LESLIE BROWN, UNIVERSITY PAYROLL FINANCIAL UNIT LIAISON MEETING JUNE 16, 2010 NOREL TULLIER, UNIVERSITY PAYROLL HRMS UNIT LIAISON MEETING JUNE 18, 2010.

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Presentation transcript:

LESLIE BROWN, UNIVERSITY PAYROLL FINANCIAL UNIT LIAISON MEETING JUNE 16, 2010 NOREL TULLIER, UNIVERSITY PAYROLL HRMS UNIT LIAISON MEETING JUNE 18, 2010 HIRE Act / FICA Rebate

HIRE Act Hiring Incentives to Restore Employment (HIRE)  Signed March 2010  Relevant to:  New hires between 2/4/10 and 12/31/10  Wages between 3/19/10 and 12/31/10  Individuals must have:  Been unemployed for at least 60 days before U-M hire date  Worked less than 40 hours during the 60 days  Voluntarily signed Form W-11  No incentive or negative impact for employees  Social Security wage history not affected

HIRE Act U-M savings from Social Security tax “holiday”  6.2% of salary to a maximum $106,800  Potential $1,000/person business tax credit for 2011 if remains employed for 52 weeks

HIRE Act Timeline May 17, 2010:  Targeted s sent to department managers and “catch-up” population of new hires May 24:  Distribution of Form W-11 at New Employee Orientation began June 1:  First targeted for new hire transactions from previous calendar week As of June 10:  Payroll has received 101 forms. July, October, and January:  Departmental refunds made quarterly via Journal Entry.

HIRE Act Refunds: What to Look for Original charge to departmental Shortcode on “PY” GL transaction on the Statement of Activity  Summarized at the Chartfield combination level  GL Account Value = Refund done quarterly via journal upload process  Journal upload has one entry per UMID and includes the following info:  Journal Reference = 8-digit UMID  Journal Description = FICA HIRE Act Ref “Employee Name”  Source Code = PRO  Journal upload processed in July, October, and January If paycheck is reversed in a quarter after the refund JE has been processed, refund is reversed in next quarterly JE