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Tax Calculation Workshop

This course aims to supply the PayDay user with the necessary knowledge and skills to come to grip and understand the Tax ACT pertaining particularly to the payroll taxation.

Purpose of the course: This course aims to supply the PayDay user with the necessary knowledge and skills to come to grip and understand the Tax ACT pertaining particularly to the payroll taxation. Tax related queries which could happen daily needs to be professionally handled and answered by the payroll practitioner. Matters related to a vast amount of PAYE information are explained and demonstrated interactively in an informal method. Mid –year as well as tax year end mandatory fields are in depth explained. Compliancy from a SARS perspective are also addressed and explained in this workshop. Starting at a basic tax calculation moving on to to several complex calculations e.g. retirement contributions, perks taxes, medical tax credits, periodic taxable earnings and bonus spreads are all fully interactively demonstrated and explained to attendees. A comprehensive manual are supplied for future reference as part of the course material.
Course Outline: Current applicable tax year tables as announced by the Minister of Finance in his annual budget speech for the current tax year. Different taxation methods based on specific earnings as set up in the Earning definition screen of a payroll. The influence of several perks taxes on the payslip of an employee are explained and demonstrated. Retirement contributions and the impact thereof to the employees payslip are explained e.g. pension fund contributions, provident contributions, retirement annuities and group life contributions paid by the employer. Fringe benefits affecting the payroll and tax calculations e.g. use of company vehicle, employer owned insurance policies, residential accommodation etc. Average tax Yes and No explained and demonstrated. Annual bonus spread. UIF ACT and UIF contributions interactively demonstrated and explained. Skill development contributions discussed and demonstrated. Various manual tax calculations individually unpacked and explained and demonstrated in layman’s terms with practical exercises in which delegates participate interactively.
Who should attend: Preferably users who attended the Principles of Payroll training already. Existing and current users on the PayDay system who wish to enhance their knowledge and skills regarding taxation. Managers, supervisors and system administrators.
Requirements: Financial knowledge and preferably, delegates that attended the Principles of Payroll training.
Course Duration: 1 Day
Course Dates: Refer to schedule
Pretoria Training