This software is amazing. i was wondering if anything can be done about this. In y country the payroll is a bit different and I would like to know if anything can be done to resolve this.
Lets say Employee (M) makes Gross salary of $130000 gyd. In my country there is a Insurance Contribution of 5.6% by employee and 8.4% by employer (Employer not deducted from gross).
Then there is taxes calculated on the remainder after a threshold of $100000 has been met. So for example the calculations will be:
Gross salary $130000
Insurence Employee (@5.6% Gross)=$7280
Insurance Employer (@8.4% Gross)=$10920
Chargable income= (Gross- Employee Insurance [$7280])- (Threshold[$100000])=$22720
Taxes will be 28% of chargable income which would be iqual to $6361.
Balance=22720-6361=16359
Net salary= $100000+16359 = $116359.
How can i get this using your software.
i keep having issues reaching this total
Thank you
For now, you may
- Use Deduction to handle Insurance Employee.
- Use Statutory Contribution to add Insurance Employer.
- Add a Statutory Table with taxable amount above 100000, for 28% tax rate, and 0 cumulative amount.
The result is like this:
This means the for each employee, we will need to manually add each individuals insurance as a figure vs using the calculator @5.6% correct?
Also same would apply for the income tax correct?
Is there anyway to have in the deductions a percent calculator were we can create a format @5.6% gross so when we add the statutory table it only calculates the 28% based on the remainder vs putting exact figure in hte deductions?
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For deduction, yes. Deduction by percentage is already planned, but I have no time to implement yet: HR.my Upcoming Features Todo List check item 11.
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For Tax, no. It’s auto calculated as long as you set up correctly.