[Fwd: Re: payroll]
tom at meandmini.com
Wed May 25 18:25:32 EDT 2005
[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?
Thomas Bushnell BSG wrote:
> Derek Atkins <warlord at mit.edu> 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.
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