Hello all,
We are setting up Payroll for one of our clients. They have pension set up as a deduction on their employees. The statutory rule is an annual amount of N$40,000.00 (max) is sheltered from the taxable amount. This translates to a monthly amount of N$3,333.33.
What this means is, anyone contributing pension of up to N$3,333.33 a month will have this tax sheltered. For anyone who is paying more than this amount, the excess will be considered for tax. The sheltering works well for anyone contributing less than than or equal to the thresh hold. Is there a way in Dynamics GP that I can set the maximum sheltered amount to be N$3,333.33 so that if anyone is contributing more than this the system will only exempt up to the maximum amount and factor in the excess for tax calculation.
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