The following options are available:
· None/Nothing is selected – IPRES will calculate based on the annual ceiling / 12 x Periods Worked less the previous month’s ceiling used and compare this to Month-To-Date income paid. Social Security will calculate based on the Year-To-Date Averaging or Month to Date method.
· MTD Calc Method - A Month-To-Date calculation for Social Security Income (SOCI), IPRES Income (IPRESI) and Supplementary IPRES Income (SUPIPRESI) is done.
Annual ceiling / 12 x 1 Period Worked compared to Month-To-Date income.
· MTD Calc Method (annualised in Dec & terminations) - A Month-To-Date calculation is done each month, but if the employee is terminated during the year or if it is December, then an automatic annualisation calculation will be performed for Social Security Income (SOCI), IPRES Income (IPRESI) and Supplementary IPRES Income (SUPIPRESI).
Annual ceiling / 12 x the number of Periods Worked compared to YTD income.
· YTD Annualised Calc Method - A Year-To-Date annualised calculation is done every month for Social Security Income (SOCI), IPRES Income (IPRESI) and Supplementary IPRES Income (SUPIPRESI).
Annual ceiling / 12 x the number of Periods Worked compared to Year-To-Date income.