Thankyou Payroll help Employee SettingsSpecial Tax Codes, adding different student loan rates

Special Tax Codes, adding different student loan rates

Sometimes IRD will ask you to use a special deduction rate for student loan rates, e.g. 2 cents per dollar (2%).

You can do this through the special tax codes (STC) in the employee's Standard pay tab.

Select STC under Tax code

Select the correct tax code to alter.

Enter in the number of cents per dollar that the IRD have asked you to deduct.

Remember to click Save, and set yourself a reminder to change the tax code back on the date specified in the letter from IRD.