However in US there are many taxable earnings, and so cumulations cannot be used. So SAP has provided with the Tax model concept. Using tax model concept , we can group wage types for different type of taxes very effectively.
Tax Types :
Each type of tax has been assigned a 2 digit code, and is called as tax type.
These are maintained in the table T5UTT
Tax Authority and Tax Model
First we assign to each Tax Authority a Tax Model. At this point a tax model can be any 3 character numeric. Table T5UTE
Then for each of the tax model, we have various combinations which are based on, the Infotypes (0207, 0208, and 0209), value of the tax modifier for the employee, and value of the processing class 71 for the wage type.
For a combination of these, we need to assign a Tax Combo, in Table T5UTM
For for each of these tax combos we assign the applicable tax types. Table T5UTY
Looks confusing. Lets take an example.
We have an employee who has a wage type 1000.
The value for PC71 for the wage type is 1.
And for the employee in Infotype 207 and 208 - the value is CA
Now coming to our table, for Tax authority we have assigned the tax model 10.
And in the other table for tax model 10 -of the infotype os 207, and for the value of modifier 01, and
Now CA is assigned to Tax model 10.
And Tax Model 10, and our wage type 1000 , will be assigned tax combo 1,2,3.
So for this wage type taxes (ie the earnings on this wage type) 1, 3, 5, and 16 are deducted.
I also like this format but make sure that before each payday. Stick with your payroll processing firm for right now, as that is most likely working.
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Jimmie Menon
Top 5 Features of the Most Reliable HR Recruitment Services in Mumbai
ReplyDeleteThe recruitment of employees for a business is one of the most essential tasks for any venture. When you have a strong team of people working for you, you can be sure about building a business that does well and progresses quickly. In the course of running a business and building a team for its growth, you may come across a lot of problems and challenges, which is why it makes sense to place your trust in professional hr outsourcing companies in Mumbai
. These are companies that help you hire the right talent for your business needs and you can be sure about getting the right human resource solutions from them, when you choose to partner with the most viable set of people.
In order to hire the right agency for HR recruitment, you need to look for the following 5 important factors:
The Experience: It is imperative that the company you choose for hiring you employees has sufficient amount of experience to carry out the task. You cannot rely on an agency that has no experience and risk your own business interest. HR recruitment services in Mumbai that offer the right amount of experience, offer employee hiring solutions that fit perfectly into your requirements and can understand your need better than those that are still new to the job.
The Database: You need to make sure that the human resource management firm you choose to partner with has a database of clients and candidates that is most impressive. If you pick a service provider that does not have enough contacts, they may not be of the most optimal use to you for hiring from among the best talents in your industry.
Flexible: It is highly essential that the HR outsourcing companies in Mumbai that you choose to hire have learning capabilities that are flexible and are not limited to what they already know. It is important that the HR service providers go on upgrading their knowledge as well as resources to make sure that they cater to the exact needs of the clients.
Value Addition: When you want a happy, healthy and able team working for your business, you cannot stop at just hiring the right employees. You need to work towards getting the entire package including top notch scouting and hiring services to joining guidance and even the salary and compensation disbursal.
Understanding of Business: Finally, the provider of temporary staffing solutions in Mumbai should also work towards understanding and learning about not only the open profiles in your organization but also the way in which your business works. The professionals can best serve when they are able to known the hierarchies in your company and the way in which you do your business.
This goes to show that the tasks being handled by the best HR outsourcing companies in Mumbai are complex and comprehensive in nature, which is why you need to look for alternatives of professional service providers that are truly the best.