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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / I need to calculate ST...
Microsoft Dynamics GP (Archived)

I need to calculate STD and LTD premium based on Salary.

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Posted on by Brenda Willey 2,520

here what i have..... 

Short-term Disability is 60% of one's weekly earnings with a maximum of $500 per week.  The Long-term Disability is 60% of one's monthly earnings with a maximum of $5,000 per month.

In HR benefits nor GP benefits I don't see anything that will do this?  I have looked at Health Insurance, Retirement and life insurance but i can't get the premium to calculate. 

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  • L Vail Profile Picture
    L Vail 65,271 on at

    Hi,

    You're trying to calculate a benefit? The benefit is STD and LTD. The amount of the STD is 60% of regular time weekly earnings up to a max benefit of $500 per week. That's good, but how is the premium calculated? Is the premium a percentage of their weekly earnings or is it a percentage of the benefit itself (that is based on weekly earnings)?

    Leslie

  • Brenda Willey Profile Picture
    Brenda Willey 2,520 on at

    The premium is a a rate applied to the benefit amount.   .26 per 10 of benefit. for STD and .31 per 100 on the LTD

  • Community Member Profile Picture
    Community Member on at

    is this for US or CDN ?

  • L Vail Profile Picture
    L Vail 65,271 on at

    Hi Brenda,

    I haven't worked through it, but have you tried using the Garnish Feature? There are some unique calculations you can create when setting up Garnishments that might help you out.

    Kind regards,

    leslie

  • Community Member Profile Picture
    Community Member on at

    Brenda,

    Insurance is complicated at the best of times. This is how it is calculated:

    STD: you said that your rate is 0.26 per 10. To calculate the amount of insurance owing, then, we just take the earnings x 0.26/10. In GP, your rate will be the deduction percentage of 0.026.

    Now, to incorporate your maximum, you need to take into consideration your pay periods. If you pay bi-weekly, then the max insurance will be based on 500 / 0.6 = $833.33/week or 1,666.67 bi-weekly - this is the maximum earnings that you can calculate your premiums on. So, your "pay period maximum" field should be based on a salary that gets 833.33 weekly...833.33 x 52 = 43,333.16. The bi-weekly maximum premiums would be 43,333.16 x 0.026 /52 x 2 =$43.33. You would add $0.01 and put your pay period maximum as 43.34.

    The same calculations would be applied for the LTD

  • Community Member Profile Picture
    Community Member on at

    Oh, and these are in payroll. I am in the Canadian version so...not sure where exactly you look but it will be in the payroll/benefits area to set up.

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