I need a little help to see if someone has any suggestions. We have a benefit that currently takes 4.5 percent contribution out for an employee. Our state has made a change now to break out the 4.5 percent down to two different percentages to get a more exact amount. The two percentages are 3.75% and .75 percent.
They now want us to calculate the amount this way:
An employee makes $1342.00. We need to deduct 3.75 percent which would equal $50.325. It then needs to round to the 2nd decimal place which would be $50.33
We then need to take the second percentage .75% from $1342 which would equal 10.065 and then round to the 2nd decimal place which then equals $10.07 We then have to add those two contributions together equaling $60.40.
If you did just the 4.5% calculation, it would equal $60.39. If the amount is off by a penny, they will reject the file being sent to them.
I would like to adjust the benefit to calculate it this way. I've asked Lawson, but they basically told me I had to reach out to a consultant.
Does anyone have any suggestions?