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Siri H.

NJ Disability - Self Adjusting Tax?

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Posted By

We have private disability insurance in the state of NJ.  We were misinformed about the rates and set up our tax tables incorrectly. As I am preparing the quarterly reports, I have discovered the discrepancy. So I need to change the tax percent for the NJSDI and NJSDI_E (we overwithheld for employees and employer).  If I make the changes effective 1/1, will the system auto-correct and adjust, or will I need to enter something in addition to get the system to balance out?  Please advise.  Thank you.

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    SUGGESTED

    Siri -

    By default, taxes are not set to self-adjusting.  There is a knowledgebase article that explains how to make a tax self adjusting.  However, this self-adjusting only works if you are processing current time in the month or quarter you need to effect.  So finding this error prior to the quarter closing, adjusting the rate so the self adjusting formula could compensate would have been the best case scenario.  This being after the quarter, you will need to process adjustment checks for employees and manually calculate the reduction and print with a 3/31 date so it is included in the 1st quarter totals.

    Cheers,

    John McLagan
    Senior Independent Consultant
    Johnny on the Spot

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