The following use case provides a detailed look into using formulas in the Workforce Planning configuration.
Scenario: Build a set of formulas to determine if the federal tax amount applies to an employee in a specific month. Federal tax calculation compares total monthly earnings of any employee to the federal tax limit.
Role: Implementer, Administrator
Benefits: Formulas can be individually created and the accounts applied to the formulas can be used as dependencies or building blocks for more advanced formulas to calculate more complex data.
You need to create a formula to calculate each category of earnings an employee could have, then populate the federal tax limit formula. You can create the following example formulas:
IMPORTANT: There are many ways of creating formulas based on your configured Register fields, Global Drivers, Cube Drivers, and Register Field Groups. These formulas are examples to detail a particular use case.
