How do I enter the NIS Allowance using the Tax Allowance Breakdown?
The Tax Allowance Breakdown allows the entry of individual tax allowances rather than a summed figure.
This makes it easier to view the specific items that make up an employee's total Allowable Deductions.
Enter a TA1...cycle change
POWERpay>>Process Payroll>>Cycle Changes
If the Auto-Calculate NIS Impact option is being used then the system will automatically calculate the NIS Allowance amount so that there is NO NEED TO ENTER the above cycle change!
At present, the NIS Allowance in Trinidad and Tobago is calculated as 70% of an employee's annual contribution.
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