Q: I am trying to calculate the total PAYE for an employee who earns $15,868 per year. Tax code M. Monthly pay frequency.
I have calculated the PAYE based on the tax table and trying to match the amount with the PAYE calculator and there is a difference of 7 cents which I can’t seem to work out why.
A: Look at how your payroll system rounds numbers, that is usually the issue. So, payroll systems could use 5 decimal places, 3 etc and even will do 5 from inputs but outputs in 2.