Zimbabwe Tax
Posted: Sat Apr 02, 2016 1:00 am
Using TimeTrex Community Edition version 9.0.9 with Tax Engine Version 1.0.33 I have setup tax tables for Zimbabwe but they do not seem to work
For Zimbabwe, when calculating tax, the procedure is to estimate annual income based on paylip earnings then calculate the tax based on the country's annual tax tables below:
from 0 to 3,600.00 multiply by 0% Deduct -
from 3,600.01 to 18,000.00 multiply by 20% Deduct 720
from 18,00.01 to 36,000.00 multiply by 25% Deduct 1,620
from 36,00.01 to 60,000.00 multiply by 30% Deduct 3,420
from 60,00.01 to 120,000.00 multiply by 35% Deduct 6,420
from 120,00.01 to 180,000.00 multiply by 40% Deduct 12,420
from 180,00.01 to 240,000.00 multiply by 45% Deduct 21,420
from 240,00.01 and above multiply by 50% Deduct 33,420
I have created Tax Deductions as below:
Status: Enabled
Type: Tax
Name: FDS PAYE 0%
Calculation: Advanced Percent (Tax Bracket Alt)
Percent: 0
Annual Ammount Greater Than: 0
Annual Amount Less Than: 3600.01
Annual Deduction Amount: 0
Annual Fixed Amount: 0
Pay Stub Account: ZW - Federal Income Tax
Employees: I picked my only employee in TimeTrex
Status: Enabled
Type: Tax
Name: FDS PAYE 20%
Calculation: Advanced Percent (Tax Bracket Alt)
Percent: 20
Annual Ammount Greater Than: 3600
Annual Amount Less Than: 18000.01
Annual Deduction Amount: 720
Annual Fixed Amount: 0
Pay Stub Account: ZW - Federal Income Tax
Employees: I picked my only employee in TimeTrex
Status: Enabled
Type: Tax
Name: FDS PAYE 25%
Calculation: Advanced Percent (Tax Bracket Alt)
Percent: 25
Annual Ammount Greater Than: 18000
Annual Amount Less Than: 36000.01
Annual Deduction Amount: 1620
Annual Fixed Amount: 0
Pay Stub Account: ZW - Federal Income Tax
Employees: I picked my only employee in TimeTrex
For my one employee paid monthly a Regular Time (wage) of 1200 with no Pay Stubs in January and February. His first Pay Stub being March I expect the annual income estimate to be 12000, thus placing him in the 20% tax bracket giving an annual tax of (12000 - 3600) x 20% = 1680
I expect the month's tax to be 168 but TimeTrex is not calculating
Please help
For Zimbabwe, when calculating tax, the procedure is to estimate annual income based on paylip earnings then calculate the tax based on the country's annual tax tables below:
from 0 to 3,600.00 multiply by 0% Deduct -
from 3,600.01 to 18,000.00 multiply by 20% Deduct 720
from 18,00.01 to 36,000.00 multiply by 25% Deduct 1,620
from 36,00.01 to 60,000.00 multiply by 30% Deduct 3,420
from 60,00.01 to 120,000.00 multiply by 35% Deduct 6,420
from 120,00.01 to 180,000.00 multiply by 40% Deduct 12,420
from 180,00.01 to 240,000.00 multiply by 45% Deduct 21,420
from 240,00.01 and above multiply by 50% Deduct 33,420
I have created Tax Deductions as below:
Status: Enabled
Type: Tax
Name: FDS PAYE 0%
Calculation: Advanced Percent (Tax Bracket Alt)
Percent: 0
Annual Ammount Greater Than: 0
Annual Amount Less Than: 3600.01
Annual Deduction Amount: 0
Annual Fixed Amount: 0
Pay Stub Account: ZW - Federal Income Tax
Employees: I picked my only employee in TimeTrex
Status: Enabled
Type: Tax
Name: FDS PAYE 20%
Calculation: Advanced Percent (Tax Bracket Alt)
Percent: 20
Annual Ammount Greater Than: 3600
Annual Amount Less Than: 18000.01
Annual Deduction Amount: 720
Annual Fixed Amount: 0
Pay Stub Account: ZW - Federal Income Tax
Employees: I picked my only employee in TimeTrex
Status: Enabled
Type: Tax
Name: FDS PAYE 25%
Calculation: Advanced Percent (Tax Bracket Alt)
Percent: 25
Annual Ammount Greater Than: 18000
Annual Amount Less Than: 36000.01
Annual Deduction Amount: 1620
Annual Fixed Amount: 0
Pay Stub Account: ZW - Federal Income Tax
Employees: I picked my only employee in TimeTrex
For my one employee paid monthly a Regular Time (wage) of 1200 with no Pay Stubs in January and February. His first Pay Stub being March I expect the annual income estimate to be 12000, thus placing him in the 20% tax bracket giving an annual tax of (12000 - 3600) x 20% = 1680
I expect the month's tax to be 168 but TimeTrex is not calculating
Please help