Tax with monthly cap not yearly

General support regarding TimeTrex, such as
configuring policies/taxes or processing payroll.
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gregory
Posts: 102
Joined: Fri Oct 28, 2011 3:39 pm

Tax with monthly cap not yearly

Post by gregory »

In Dominican Republic the cap on some taxes and deductions is a monthly amount not a yearly one. I see the advanced percent option only allows yearly values which will not work the same way. Is there a way to do this?

Thanks,

Gregory
shaunw
Posts: 7839
Joined: Tue Sep 19, 2006 2:22 pm

Re: Tax with monthly cap not yearly

Post by shaunw »

How often do you pay your employees?
gregory
Posts: 102
Joined: Fri Oct 28, 2011 3:39 pm

Re: Tax with monthly cap not yearly

Post by gregory »

Monthly pay period schedule, running 11.1
shaunw
Posts: 7839
Joined: Tue Sep 19, 2006 2:22 pm

Re: Tax with monthly cap not yearly

Post by shaunw »

TimeTrex uses annual amounts almost across the board for consistency sake, in most cases whatever value you enter for that is calculated to get a per pay period amount. Since your pay period schedule is monthly, then it would be a per month amount.

So have you tried entering the monthly amount multiplied by 12? As TimeTrex will just divide it by 12 to get a per pay period amount anyways.
gregory
Posts: 102
Joined: Fri Oct 28, 2011 3:39 pm

Re: Tax with monthly cap not yearly

Post by gregory »

No. I was afraid that say for example case the limit is $12,000 per year in earnings for taxable amount and that would become $1,000 per month limit. But, in other systems if earnings are $2,000/mo it would deduct tax on $2,000/mo until $12,000 is reached (Jun) and nothing after that. Is that how TimeTrex works? or will it only calculate based on $1,000/mo even if yearly max has not been reached?
shaunw
Posts: 7839
Joined: Tue Sep 19, 2006 2:22 pm

Re: Tax with monthly cap not yearly

Post by shaunw »

TimeTrex will work the way explained in my previous post, so I would recommend giving that a try and testing it.
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