We study the collective dynamics of interacting paramagnetic colloids transported via a magnetic ratchet effect above a modulated periodic potential. Upon increasing the modulation frequency, the particles undergo a series of dynamic transitions, from a continuous smectic flow to a disorder flow, and later enter into a two phase flow regime, ending in a complete pinned state. In the disordered phase, the system organizes into density waves due to traffic jams, as in granular systems, while the two phase flow regime shows strong similarities with plastic flow in vortex matter. Finally, it is shown that induced attractive interactions between the moving colloids lead to enhancement of the particle current due to formation of condensed chains traveling along the modulated landscape.