Income Tax Rates screen is used to enter and manage employee's personal income tax
Select the HR Payroll Module -> Select Income Tax Rates -> Enter the values for the fields -> Click Save to save the data you just manipulated. The data input in this screen will be used for the Income taxes screen which is used to calculate the employee's personal income tax
* Note: The formula will be calculated as follows:
For example, the corresponding columns From
value, To value, Tax Rate, Equivalent Value and Effective Rate are abcde, then
we have:
o (ba)*%c+d1
outputs the field value d2
o (d*100)
/ b outputs the field value e
o For
example, if we have an income of 7,890,000, the tax is calculated as follows:
the first 5 million will be calculated as 5% = 5,000,000 * 5% = 250,000 and the
remaining amount will be calculated on the second line as 2,890,000 *10% =
289,000. So the total amount to pay tax is 250,000 + 289,000 = 539,000 VND
