The built in Tax Calculator in Portico™ allows employees to undertake their own tax planning without needing support from HR. The user friendly form contains tips and limits that show changes in income tax liability on a real-time basis.
Investment Impact
Employees may change the value of qualifying investments to see revised tax computations, allowing them to plan their investments appropriately.
Changes in Income
Employees have the option to change their ‘Gross Earnings’ (due to increments, bonus, etc) and the system will show the additional/reduced tax liability.
The Tax Calculator feature helps employees address their most basic tax concerns under different scenarios – What is my tax liability and how can I best reduce that?
Summary
- Easy to operate and understand
- Employees are able to see impact on income-tax in real-time
- Employee has an option to change income scenarios based on actual or expected increases and bonuses
- Linked with the investment declaration module to calculate tax based on investments made
- Helps address the most fundamental question in employees mind – How much tax did I save?
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