Salary calculation
Salary calculation is crucial in managing human resources and finances within an organization to ensure that employee salaries are processed accurately and in accordance with procedures. This is essential for verifying or evaluating the amount employees will receive in each pay period. Salary calculation typically involves computing from the following main components
- Wage Rate: Specify the amount of money employees will receive continuously during work. The wage rate can either be a fixed value or a variable value based on employment conditions and benefits received
- Working Hours: Specify the duration of time that employees work within a certain period, such as hours, days, or months
- Deductions or additions to money: Calculate deductions or additions that affect the amount of money an employee will receive. Deductions may include fees, taxes, health insurance premiums, or withdrawals from accumulated funds
- Net income: Calculate net income by subtracting the amount deducted from the wage rate or adding it from additional contributions, from the amount of money the employee is entitled to receive as calculated
OT calculation
The calculation for overtime is separated from regular payroll calculation. The start date for overtime calculation can be specified, which will be distinct from regular payroll calculation
Time split calculation
Calculating time off absences leave and lateness separately from regular salary and having the option to choose whether to pay them along with regular salary or calculate and pay them separately from the salary
Special calculation
Paying special installments separately from regular salary payments, such as bonuses, commissions, and other earnings, for example, calculating special installments can specify the payment date, download the special installment slip report, and the summary report of the amounts to be paid. Both Excel and text files can load the summary report of the amounts to be paid upon pressing the 'Finish' button for the special installment. If 'Finish' has been pressed but data needs to be edited, pressing 'Unfinish' allows for returning to edit. However, if the salary calculation cycle for that month has already closed, pressing 'Edit' will not be available again
Tax Social Security and Student Loan Calculation
Calculating income tax liability and displaying itemized deductions, including both employee and employer contributions, is subject to income limits and tax rates. These rates and thresholds may change based on government policies, and you can verify the most up-to-date information from the Social Security Office or relevant agencies
