Building payroll tax formulas in Budgyt is simple. We have built the structure, you just need to fill in the details.
To build an HR Formula for Social Security, FUTA, SUTA etc (if you are in the US), or most other types of payroll tax formula, you will need to use our Variable formula type.
Go to Employees > Manage HR Formulas, click Add New, and begin filling out the form.
Give your formula a name, choose a target category/account where you wish to see the result of this formula, then select the Variable button.
This will display a field for your Rate - enter this as a decimal, so 6.2% will be entered as 0.062, and a field for the Limit - this is the level of payroll above which there is no more tax to pay.
Now select the employees that will use this formula and you are done.
If you have created any groups of employees you will also want to check the Multiply by Headcount box to make sure you apply this formula to each individual in that group.
For more complex payroll tax formulas click here.