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| How to set up a pension when a tax credit has been issued http://paybackieforum.azurewebsites.net/viewtopic.php?f=3&t=54 |
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| Author: | eamon [ ] |
| Post subject: | How to set up a pension when a tax credit has been issued |
In some cases, an employee will have a tax credit for their pension contribution, but no 'PRSI credit'. Payback is flexible enough to cater for this scenario. Step 1: Set up a voluntary deduction called 'Pension'. Tick the 'Tax' option (remember, the employee has a tax credit that will cancel this out). Select the pension type from the drop-down (PRSA etc). Enter the pension amount (eg €10) Step 2: Set up an element called 'Pen Adjustment' . Tick 'Tax' and leave 'PRSI' not ticked. Enter the pension amount for this element (eg €10) Step 3: Set up a voluntary deduction also called 'Pen Adjustment'. Make sure that the 'tax' is not ticked. Enter the pension amount (eg €10) Note that this scenario is an exception and rarely occurs. You will only need to do this if you want to pay Tax on a voluntary deduction, but not PRSI. |
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