Unregistered
10-28-2001, 05:32 PM
Here is a tax table formula for Contractors who pay a portion of their General Liability Insurance based on payroll. The employee defaults should be edited so that the liability account is prepaid insurance and the expense account is the insurance expense account.
The tax ID is: GLI ER01
The tax name is: GLIns ER 01
The selections are: Federal, Deduction, All Status
The formula is:
"The following formula calculates the amount of General Liability Insurance due as a result of payroll. The percentage should be adjusted to match the percentage of your insurance supplier. The YTD_Limit amount should also be checked. The General Liability Insurance for the corp officer is not included in the calculation. The corp officer amount is based on a fixed amount divided monthly and is entered with a recurring general journal entry."
PERCENT = 3.7167; TAXABLE_GROSS = YTD_LIMIT (ADJUSTED_GROSS, 1000000);
ANSWER = -TAXABLE_GROSS * PERCENT%
Nick
The tax ID is: GLI ER01
The tax name is: GLIns ER 01
The selections are: Federal, Deduction, All Status
The formula is:
"The following formula calculates the amount of General Liability Insurance due as a result of payroll. The percentage should be adjusted to match the percentage of your insurance supplier. The YTD_Limit amount should also be checked. The General Liability Insurance for the corp officer is not included in the calculation. The corp officer amount is based on a fixed amount divided monthly and is entered with a recurring general journal entry."
PERCENT = 3.7167; TAXABLE_GROSS = YTD_LIMIT (ADJUSTED_GROSS, 1000000);
ANSWER = -TAXABLE_GROSS * PERCENT%
Nick