Will Dynamics calculate the Taxes differentlyif I enter a minimum Net Pay for an Employee?
Note - I need to process a holiday Bonus Check for an Employee, but I need the Net to be exactly $500.00.
No. Minimum Net Pay is used to ensure an Employee receives a Check for a set dollar amount. However,there is a feature called Gross Up (Utilities | Payroll | Gross Up). The Gross Up feature enables you to enter the Net amount you want the Employee to actually receive, then by entering the percentages for Federal Tax, State Tax, and Local Tax, you can determine the Gross amount you would need to enter as a Payroll Transaction for the Employee to ensure their Check is exactly $500.00.
This article was TechKnowledge Document ID:5842
Article ID: 865642 - Last Review: 6 Mar 2017 - Revision: 2