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US PAY: Self Adjust Tax Method
For the first pay period of this calendar year, we missed the payroll patch that updated the social security rate to 6.2%. Therefore, employee's paid 4.2%. We have the GRE Federal Tax Rules set up with the Self Adjust Method for Social Security and Medicare.
I read that the Self Adjust method bases withholdings on year-to-date earnings. We just processed the second payroll of the year and it looks like the SS taxes are more than usual (which would be correct if the system is catching up the missed 2% from the first pay period), but it does not appear that the entire 2% missed deduction from last pay period was deducted.