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As of 2012, the introduction of auto-enrolment mandates all employers to provide a workplace pension. How does it align with your current company software? NetPay contributions from your employees is deducted before tax. Businesses also benefit from reduced tax bills as they’re charged NI based on the salaries they pay.
What is take home pay? Take-home pay consists of the income an individual receives after taxes, benefits, and other contributions are deducted. Take-home pay may also be called netpay. An employee’s take-home pay is the difference between their gross pay and deductions. Take-home pay vs. gross pay.
Do not include imputed income in an employee’s netpay. Patriot’s online payroll software calculates the proper taxes for you. This article has been updated from its original publication date of May 9, 2012. Imputed income typically includes fringe benefits. Get your free trial today!
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