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Do your employees make monthly provision for their tax on annual bonus?
If your allow this on your payroll, please ensure check their year-to-date bonus provision before making any annual bonus payments this December.
What is provision for tax on…
Do your employees make monthly provision for their tax on annual bonus?
If your allow this on your payroll, please ensure check their year-to-date bonus provision before making any annual bonus payments this December.
What is provision for tax on…
With the release of the Finance Act, No. 8 of 2020 a few changes have been introduced that will affect the tax on Employment income. To view this document, please click here .
The following changes will affect your payroll:
Tax on Overtime/Bonus…
Some companies allow employees to elect to pay extra tax toward the bonus throughout the year, and not only when they receive their bonuses.
This feature is called Provision for Tax on Annual Bonus and requires the user to ensure the provision for tax…
Some companies allow employees to elect to pay extra tax toward the bonus throughout the year, and not when they receive their bonuses.
This feature is called Provision for Tax on Annual Bonus and requires the user to ensure the provision for tax amounts…