FUSION PAYROLL: YE17: Unable To See Social Security Wage Limit Increase to $128,400 After Release 12, Update 12.1 (STAT3)
Last updated on DECEMBER 11, 2017
Applies to:Oracle Fusion Global Payroll Cloud Service - Version 22.214.171.124.0 and later
Information in this document applies to any platform.
Release 12, Update 12.1 (STAT3) was applied on STAGE on 12/8/17
Year End 2017 guide says below.
Legislative Updates for 2018. No action is required by customer.
Social Security Wage Limit increased to $128,400. (The IRS decreased the limit on 11/28/17)
Deferred Compensation Limits for 2018:
o Deferred Compensation annual limit increased to $18,500
o Deferred Compensation Catchup limit remains $6,000
o Eligible Compensation Annual limit is $275,000
Go to Regulatory and Tax Reporting tab, access Manage Calculation Value Definitions, and query for "Social Security Tax Employee Wage Limit" as on 1/1/2018, the results window still shows 127,200 as on 1/1/2017, and it is not reflecting the above change.
Similar issue is there for "Social Security Tax Employer Wage Limit".
However I can see Deferred Compensation annual limit increased to $18,500.
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