New Vertex Fields To Accumulate Medicare Wages From Predecessor Companies (Acquisitions)
Last updated on OCTOBER 19, 2017
Applies to:Oracle HRMS (US) - Version 12.2 and later
Information in this document applies to any platform.
On 2/15/2017, Vertex released the "Vertex Payroll Tax Q Series Partner Document Version 4.2.2" Section 1.1 of this document discusses how to handle Medicare taxation and Employee W-2 reporting in the event of an company acquisition.
Section 1.2 then goes on to state, "However, predecessor wages and taxes should not be included in an employee's Year-to-Date (YTD) values since the predecessor company will be issuing W-2's for the wages earned / taxes paid at the predecessor company. Therefore, separate fields are needed in which clients can pass predecessor wages and taxes."
Section 1.3 then describes the new fields that Vertex has created to allow for the accumulation of Medicare wages from the predecessor company.
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