[Sorry, Thomas, I meant to send this to the whole list]
Are the rules released in a structured format? If so could an
xml-described version of them not be 'loaded into' the payroll system?
A group of generous tax lawyers could scrutinise the release and an
official versions could be released?
Or am I just dreaming?
Tom
Thomas Bushnell BSG wrote:
Derek Atkins <[EMAIL PROTECTED]> writes:
But how do you handle something like the FICA witholding in the US? The
witholding is 6.5% from the employee, 6.5% from the employer (i.e, it's a
payroll tax that's above and beyond the gross pay, and "must" come from the
employer).. But even worse, only the first $87,000 of taxable income is
subject to FICA witholding. So the function needs to know "how much have I
paid this person this calendar year" in order to properly compute FICA.
A related "global" sort of question is the making of withheld tax
payments. A payroll system needs to tell you how much and when to
ship off to the feds and the state tax people. The formulas to
compute this are complex, and depend on the total amount outstanding
and the timing of various withholdings. This is also an area where
the rules change regularly, and in which failure to get them right can
incur very serious penalties.
Thomas
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