• 04 Dec 2024

PreBuilt HCM Report for Tracking Officer Wages and Tax Credit Compliance

DataTerrain’s PreBuilt HCM Report is designed to display gross wages and officer codes for employees within the fiscal year. This wage reporting tool is essential for payroll teams to ensure accurate tax credit compliance and seamless tax filing accuracy. By leveraging this report, payroll departments can efficiently manage and report wages for tax purposes, ensuring tax credit claims are substantiated with reliable data.

Customizable Parameters to Tailor Your HCM Wage Report

The HCM report to view wages can be customized with the following parameters, making it suitable for various payroll needs:

• Effective Date: Filter the report based on employee wages for a specific payroll period, ensuring accurate data is captured for tax purposes.
• Start Date: Define a start date for the report, tracking wages from a particular period to support tax credit claims.
• Consolidation Group: Group employees based on payroll consolidation for better tax documentation and compliance.
• Payroll: Select the payroll system to use for generating the report, ensuring it aligns with your payroll structure.
• Payroll Relationship Group: Narrow down based on specific payroll relationships to improve the accuracy of wage reporting.
• Payroll Statutory Unit: Focus the report on employees within a specific statutory unit, which is crucial for tax reporting.
• Person Number: Run the report for specific employees based on their unique ID, ensuring detailed and accurate payroll data analysis.
• Tax Reporting Unit: Filter by tax reporting units for tax compliance, ensuring each unit’s tax level classification is correctly reported.

This PreBuilt report is available as an HCM Extract and can be easily accessed from the Checklist section, providing flexibility for payroll teams.

Output Data and Report Formats for Accurate Tax Reporting

The output of this report includes critical data such as:

• Officer Code: The unique identifier for each officer, is essential for accurate tax reporting.
• Tax Level: The tax classification level applied to each employee, is necessary for tax filing and tax credit claims.
• Gross Wages: The total wages for each employee within the fiscal year, directly tied to tax credit eligibility.

The report is available in Excel, PDF, or CSV format, making it easy to integrate with other payroll or tax reporting systems.

Scheduling the HCM Report for Regular Payroll Data Delivery

Payroll teams can schedule the HCM report to view wages to be delivered weekly or bi-weekly, ensuring that the payroll department maintains up-to-date records for tax credit claims and tax reporting purposes. Automating the delivery of this report improves tax credit claims by providing consistent, accurate data, reducing manual effort, and minimizing the risk of errors in the payroll process.

Benefits of Regular Wage Reporting for Tax Compliance

DataTerrain’s HCM report provides payroll teams with essential data on officer wages, tax levels, and gross wages. This data is crucial for maintaining tax compliance and supporting tax credit applications. By automating and scheduling regular reports, payroll teams can ensure timely, accurate, and efficient tax filing, leading to fewer delays and more accurate tax credit claims.

With years of experience and a proven track record of serving over 270 clients in the U.S., DataTerrain is ready to assist your payroll team. We offer flexible working hours and do not require long-term binding contracts.

Contact DataTerrain today to learn more about how our HCM reports can improve your payroll process and help ensure tax reporting accuracy.