How Does PaySpace Calculate The Periods Worked On The Employee Tax Drilldown Screen?
A period worked is based on the calendar days in the month. One full period indicates that the employee worked for the entire month.
The periods worked will accumulate year-to-date as the months progress, assuming the employee worked during those months.
Example:
If the tax year starts in March and the employee was already actively employed since then, but the current month is June, the number of periods worked would be four (March to June).
Further considerations:
The number of periods worked are also driven by the employee's employment and termination date.
If an employee has an employment date of the 20th of May, then the period would prorate. Therefore in May, the periods worked would be 0.387096774 (12/31).
Then in June, if the employee worked the full month, the accumulated periods worked would be 1.0387096774.
The same principles would apply if the employee was terminated mid-month.
Note: Should a period be rounded up to 1 period and not prorate, then the below Calculation Setting can be ticked:
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