1. How do I process benefits in kind using payroll for Ireland?
  2. Create a Taxable Benefits Calculation Card at the Organization Level

Create a Taxable Benefits Calculation Card at the Organization Level

You can optionally create a Taxable Benefits calculation card at the organization level if you provide loans to external entities and to your employees.

You can specify the market rate offered to the external entities or individuals in this calculation component. When loans are offered to the employees at a preferential rate, the market rate specified here is used to calculate any tax liability when the benefit is below the regulatory threshold.

Navigation: My Enterprise > Setup and Maintenance > Workforce Deployment > Legal Entity Calculation Cards

Navigation: My Enterprise > Setup and Maintenance > Workforce Deployment > Legal Reporting Unit Calculation Cards
  1. Click Add to create a new flexible benefit plan calculation card.
  2. Select the Name as Taxable Benefits, the effective date and continue.
  3. When you create the calculation card, the Benefits Additional Information calculation component and details are automatically created.
  4. In the component details, add the market rate that you offer for home loans and other types of loans. This is different from the rate that you offer to your employees.
  5. Save and submit your changes.