Overview
The Federal Overtime Tax Exemption Report calculates and displays qualified overtime compensation in accordance with federal legislation. The report calculates according to the Fair Labor Standards Act.
Configuration
For an earning category’s hours to be included in the Federal Overtime Tax Exemption Reporting, the Include in Automatic Regular Hour Overtime Processing box must be checked on the Earning Category record in
Global Setup > US Specifics.
Checking this box will not have any impact on your payroll processing unless you implement Automatic Regular Hour Overtime. For additional information, see Setting Up Automatic Regular Hour Overtime Processing.
How the Report Calculates Qualified Overtime
WEEKLY payroll:
Coins ERP+ identifies the hours worked over 40 hours per work week and calculates the 50% premium portion using the regular rate from the qualifying transaction.
NON-WEEKLY payroll:
Coins ERP+ uses the literal values for overtime and double time to determine the hours worked. The 50% premium is then calculated based on the qualified transaction.
Federal Overtime Tax Exemption Report Options
Three versions of the report are available.
Detail Report
The Detail Report provides results at a weekly level. This version of the report allows you to export to excel in a format that can be used for data configuration.
Detail with Subtotals Report
The Detail with Subtotals Report provides results at a weekly level and subtotal per employee.
Summary Report
The Summary Report provides summarized results based on the starting and ending check dates entered.
