Deduction Calc Code 24
- Knowledge Assistant
How does a Calc Code 24 deduction calculate a rate?
Enterprise ERP Payroll
Deduction and Benefit Master
Employee Deduction
A Calc Code 24 deduction is used for optional life insurance with a combination of Employee and Spouse portions. It uses the defined Insurance Amount, Factor, and Life Tables. Separate tables can be defined for both the Employee and the Spouse, or the same one can be used for both rates.
Employee Age: 59
Insurance Amount: 10,000
Rate/1000: .63
10,000*.63/1000=6.3
Spouse Age: 60
Insurance Amount: 10,000
Rate/1000: .78
10,000*.78/1000= 7.8
6.3+7.8=14.1
If in Payroll Control Settings INSURANCE: ANNUALIZE CALCULATIONS is set to Y (yes), the following additional calculation will take place:
14.1*12/26 (number of pays for employee)=6.51 per period
The Spouse's portion is based on their birthdate and not the Employee's. The Spouse will need to be entered through the Dependent program with a birthdate defined, and the Optional Insurance section in the Employee Deduction record will also need to be defined.