How do I setup the Automatic Bonus / Tax Spread component?
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This feature is available on all PaySpace editions
An employee may choose to spread the tax on a guaranteed bonus over the tax year using the Automatic Bonus/Tax Spread component . This should ideally be processed in March and will result in the employee being taxed on a monthly portion of the bonus instead of paying all the tax in the bonus month.
Step 1: Create the Automatic Bonus / Tax Spread Note component on company level.
Navigate > Config > Payroll > Payroll Config > Payroll Components
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Search the Catalogue
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Specify the Details. Example below.
Step 2: To add the component on employee level, this can be done individually on the Recurring Payroll Components screen or collectively via the Bulk Actions screen.
Option 1: The Recurring Payroll Components screen.
Navigate > Employee > Payroll Processing > Recurring Payroll Components > Notes
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Option 2: The Bulk Actions screen
Navigate > Bulk Actions