Voluntary - Percentage and Fixed

If any employees want to make additional repayments, then you need to set up voluntary deductions with Sub-class = "Voluntary (SLBOR)" for percentage and fixed amounts.

Note: SLBOR stands for Student Loan BORrower additional deduction.

Fixed amount voluntary deductions are much more commonly used than percentage voluntary deductions.

Fixed amount

1. Model the standard deduction to create a voluntary fixed amount deduction with a unique Code and Description.
2. On the Details (iii) tab, enter the following values:

   Field	Values
   Calculation method	F. Fixed amount
   Deduction class	S. Student loan reduction
   Sub-class	Voluntary (SLBOR)

   

For process details, see Voluntary Fixed Process.

Percentage amount

1. Model the standard deduction to create a voluntary percentage deduction with a unique Code and Description.
2. On the Details (iii) tab, enter the following values:

   Field	Values
   Calculation method	L. Student loan or P. Percentage of gross
   If you want the deduction to respect the student loan threshold for employees on a main tax code, use "L. Student loan". Otherwise use "P. Percentage of gross" to deduct the stated percentage of the employee's total gross.
   Important: After this deduction is included in a pay do not change the Calculation method because it will cause data integrity issues if an old pay requires auditing or reprocessing in the future.
   Deduction class	S. Student loan reduction
   Sub-class	Voluntary (SLBOR)

   

For process details, see Voluntary Percentage Process.

Topic: 18124