Last updated on DECEMBER 18, 2015
Applies to:PeopleSoft Enterprise HCM Payroll for North America - Version 8 SP1 and later
Information in this document applies to any platform.
Currently, the calculation of the 'Tip Credit' in PeopleSoft is based on the difference between the current State/Federal minimum wage less the actual employee hourly rate paid.
Based on IRS documentation for IRS Form 8846 - Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips (2009), this amount should be calculated based on $5.15 per hour rather than the current minimum wage.
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