04-P-014 New Deduction Codes
|DATE:||November 4, 2003|
|SUBJECT:||New Deduction Codes|
|CONTACT:||Roger Basinger||(785) firstname.lastname@example.org|
|SUMMARY:||New Employer Deduction Codes for Oregon Local Transit Taxes|
Employer Deduction Codes LOR001 and LOR002 have been added to the General Deduction Table for the purpose of collecting the Employer's Local Transit Tax for employees who are based in the Tri-Met and Lane County locals in Oregon. Deduction codes and tax information are as follows:
|Taxing Authority||Deduction Code||Tax Rate||Tax Base|
|Tri-Met||LOR001||.006218||Employee's Gross Wages|
|Lane County||LOR002||.006000||Employee's Gross Wages|
Expenditure sub-object code 1790 has been established in STARS to record the employer expenditure; amounts expended for the Oregon Local Transit Tax should be receipted into the Department of Administration Clearing Fund 9030, index 9885. For Regents' Clearing Funds, index 9685 has been established.
Please find attached the document "Index Codes for Agency and DOA Clearing Funds". This document incorporates the changes discussed above and replaces the document issued with Informational Circular 03-P-015 dated October 4, 2002.
The Division of Accounts and Reports, Payroll Systems Team will make the necessary updates to the SHARP payroll system to effect these changes. Regent's institutions are responsible for ensuring that these changes are made to their individual systems.
Attachment: Index Codes for Agency and DOA Clearing Funds (.pdf)