How_do_I_calculate_benefit_amounts_2022.11_

How do I calculate benefit amounts? (2022.11)

Benefit amounts are calculated to determine the correct employee and employer contributions for benefit plans such as health insurance, dental insurance, vision coverage, life insurance, retirement plans, and other employer-sponsored benefits.

You may need to calculate benefit amounts when:
  1. Enrolling a new employee in benefit plans.
  2. Processing payroll to deduct employee benefit contributions.
  3. Updating benefit elections due to life events or open enrollment changes.
  4. Adjusting benefits after changes to salary, hours worked, or employment status.
  5. Calculating employer-paid benefit contributions.
  6. Verifying that benefit deductions are accurate before payroll is finalized.
  7. Generating reports related to benefit costs and employee coverage.

Calculating benefit amounts ensures that payroll deductions, employer contributions, and benefit records remain accurate and compliant with company policies and benefit plan requirements.

NotesNote: If a benefit is recorded as taxable income, you may want to check the benefit pay code to ensure the benefit is computing and recording the benefit correctly.

 

Calculating benefit amounts

1. Open Connect Payroll > Employees > Calculate Benefit Amounts.

2. Use the Beginning Pay Period menu and Ending Pay Period menu to select the date range.

3. Use the Journal menu to select the journal to record the benefit transactions.

4. Find the section titled Pay Codes.

5. Click to select the benefit pay codes to calculate.

The selected benefits are highlighted.

6. Click GO (CTRL+G).

The benefit amounts are calculated.

 

Options

Beginning/ending pay period

This is the date range the system will use to select entries. Use the Beginning Pay Period to select the first period in the range. Use the Ending Pay Period to select the last period in the range.

 

Current pay period

The current period is the period the system will use to record transactions.

 

Journal

The journal is the place where you will record transactions for calculated benefit amounts.

In which journal do you wish to create transactions for calculated benefit amounts?

  • I know the journal code. Use the Journal drop-down list to select a journal code.

  • Help me find the journal code. Click Search. Use the Search form to find the journal code.

 

Pay code

A pay code is an account in payroll that records hours worked for an activity. The highlighted items in the Pay Codes field are the pay codes that will be included on the report.

What do you want to do?

  • I want to select a pay code. Click to select a pay code.

  • I want to select more than one pay code. Press and hold CTRL, while holding down the CTRL key, click to select each pay code.  

 

Period number

A pay period is the interval in which you choose to pay your employees.

 

Selection criteria

In Caselle, the Selection Criteria allows you to choose which employees to include in the routine.

 

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