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Employees & Payroll

Employees & Payroll

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3753 Topics
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rossinman546
 Employees & Payroll
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whitecorner
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RTM83054
 Employees & Payroll
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hello-olaluna-co
 Employees & Payroll
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RTM83054
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sheilap1
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wholebodyparadig
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markaloewen-gmai
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Allison38
 Employees & Payroll
Vacation accruals in QBO

Our company runs on a 35 hour work week, and pay based on annual salary. For Vacation Leave (and other paid time off, sick leave, flex leave etc.), it is calculated on hours per year rather than a percentage of wages earned. So, for example, an employee who earns 4 weeks of vacation per year - their entitlement, based on the 35 hour week, is 140 hours per year). This does not change if the employee gets a raise. In QBO, I have set up employees so they accrue their Vacation leave per pay-period. So the employee who is entitled to 140 hours per year, accrues 5.38 hours per pay period (we have a bi-weekly pay schedule). HOWEVER, QBO requires a % based accrual. So when I set up the policy to accrue based on a rate of 140 hours per year, it automatically calculates the % based accrual at 7%. But when the math is done - 140 hours per year based on a 35 hour work week is not the same as 7%. If my employee earns per annum of $50,000 per year (at 35 hours per week), this is

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lalitaba0712-gma
 Employees & Payroll
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proag-judy-saskt
 Employees & Payroll
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kim-gw-church
 Employees & Payroll
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kctaylor
 Employees & Payroll
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pennyjones-ourpl
 Employees & Payroll
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quaildance
 Employees & Payroll
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userkootenaymacguy
 Employees & Payroll
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kristaatsl
 Employees & Payroll
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Sandy I
 Employees & Payroll
T4 box 24 and 14

hi all ,is it possible that box 24 is higher than box 14 since the company pension plan is added in box 24 but not in box 14 , it is a non taxable benefit and should not e added to box 14 ?should the company pension plan (employer contribution) added to box 24? is teh below accurate :  Box 14 (Employment income): This box typically includes all types of employment income, including salary, wages, bonuses, taxable benefits, and any other compensation received from the employer.(RPP employer contribution is not taxable benefit  that’s why it should not be added in box 14, only employee contribution is added ) Box 24 (RPP contributions): This box specifically represents the total amount of contributions made by both the employer and the employee to a Registered Pension Plan (RPP) during the tax year. thanks  

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Sandy I
 Employees & Payroll
ox 24 is higher than box 14 in T4

hi all ,is it possible that box 24 is higher than box 14 since the company pension plan is added in box 24 but not in box 14 , it is a non taxable benefit and should not e added to box 14 ?should the company pension plan (employer contribution) added to box 24? is teh below accurate :  Box 14 (Employment income): This box typically includes all types of employment income, including salary, wages, bonuses, taxable benefits, and any other compensation received from the employer.(RPP employer contribution is not taxable benefit  that’s why it should not be added in box 14, only employee contribution is added ) Box 24 (RPP contributions): This box specifically represents the total amount of contributions made by both the employer and the employee to a Registered Pension Plan (RPP) during the tax year. thanks  

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accounts-humbler
 Employees & Payroll
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capitalregina-ao
 Employees & Payroll
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thesquareriggerp
 Employees & Payroll
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osk4-shaw-ca
 Employees & Payroll
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denis.lavergne
 Employees & Payroll
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cornwallis82
 Employees & Payroll
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