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BSI 10 and Non-Qualified Deferred Comp

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Jason Beard

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Posts: 124

12/16/2014 7:48 PM

We've noticed an inconsistency in the calculation of state taxable wages for those employees electing to defer a portion of their pay check.

Here's an example,

Gross wages 3,771.46

Deferred 98.11-

Remaining GW 3575.24

401K pre-tax of 427.6

Med/Dental 156.15

BSI 9 calculates NJ Taxable wages at 3147.64 which is equal to wages less deferred less 401

BSI 10.e.1 calculates NJ Taxable wages at 3159.06 Which doesn't appear to equate to anything...

Anyone else experiencing similar issues? We are seeing the same issue in MA taxable wages as well.

Beate Hughes-Brown

Advanced Member Send Private Message

Posts: 30

12/16/2014 7:56 PM

We have a list of states where the taxable wage is no showing correctly. We've noticed VA, IN, KY, PA, DC, the list goes on.

Our payroll manager called the state of VA to determine whether BSI9 or BSI10 is correct and VA confirmed BSI9 is handling the reporting correctly. BSI disagrees.

Jason Beard

Veteran Member Send Private Message

Posts: 124

12/16/2014 8:00 PM

Thanks for the info. Is this only with a deferred comp plan or are you finding other variables that are affecting state taxable wages?

Marsele

New Member Send Private Message

Posts: 1

1/5/2017 3:51 PM

Hi. Our Deferred Comp is reducing FED/STATE taxable wages but it is also reducing FICA Taxable wages. Per our attorney DEF COMP should NOT reduce FICA. We are using a benefit plan as well as the Tax Status 409(a).

Any thoughts?