Republic Act (RA) 10963 Tax Reform for Acceleration and Inclusion, also known as TRAIN Law, has amended Section 24 of the National Internal Revenue Code (NIRC) which pertains to the Income Tax Rate for Individual.
The act stated two schedule of new income tax rate as follows:
a) Effective January 1, 2018 to December 31, 2022
b) Effective January 1, 2023 and onward
Under Revenue Regulation (RR) 11-2018 Annex E, the new schedule of withholding tax on compensation effective January 1, 2023 and onward is as shown below.
|Payroll Frequency||Bracket/Column||From||To||Fix Tax||Tax Rate on Excess|
|Bracket||From||To||Fix Tax||Rate on Excess|
The payroll process involves calculating and disbursing employee salaries, wages, and benefits on a regular basis. Stay updated with employment laws, tax regulations, and other relevant compliance requirements to ensure accurate payroll processing and avoid penalties or legal issues.
Implementing an effective timekeeping process helps ensure accurate payroll calculations, compliance with labor laws, and fair compensation for employees' work hours. It also provides valuable data for analyzing workforce productivity and resource allocation.
Recruitment and training should be ongoing processes to attract and retain top talent and ensure the team is equipped with the necessary skills and knowledge to meet organizational goals.
Human resources (HR) is a crucial department within an organization that focuses on managing and developing the people who work for the company. The HR department is responsible for various functions related to employee recruitment, hiring, training, performance management, benefits administration, and employee relations.
Payroll processing is the administrative task of calculating and distributing employee salaries and benefits. It involves several steps, including collecting and verifying employee time and attendance data, calculating wages and deductions, and generating paychecks or direct deposits.
Employers must keep accurate records of non-exempt employees work hours to comply state and local laws. This straightforward process can become complex when employees start work early or leave late, travel for business, participate in company trainings, and use mobile devices to remain connected to work after-hours.
Overall, implementing a reliable timekeeping tool can significantly improve efficiency and accuracy in employee time tracking. It streamlines processes, reduces errors, ensures compliance, and provides valuable data for decision-making.
By following these steps, you can automate loan deductions using payroll setup, saving time and ensuring accuracy in loan repayments for your employees.
By embracing technology and digitizing HR processes, organizations can streamline operations, improve employee experience, and enable HR professionals to focus on strategic initiatives that drive business success.
Specific setup and configuration of your timekeeping and attendance system will depend on the unique needs and requirements of your organization. It's important to adapt these steps to fit your specific circumstances and consult with HR professionals or software providers for guidance.
Contact Us, those organizations need to modernize HR Management Tools and a paperless solution to speed-up the entire process of human resources and the automation of timekeeping to payroll processing that every process module has approvals.