WHAT IS PAYE?
The tax that an employer has to deduct from an employee’s pay is called the Employee’ Tax. It is commonly referred to as Pay As You Earn (PAYE).
WHAT IS UIF?
- An employee’s Unemployment Insurance Fund (UIF) provides an employee with an income for a certain period of time if they lose their job.
- To be registered for UIF, your company must first register with the South African Revenue Service (SARS). Once this process has been completed, you can then go to the Department of Labor to register for the program.
- Employers who are registered with the South African Revenue Service (SARS) are required to make payments to the agency for the contributions made to the UIF and the Social Development Levy (SDL). They are also responsible for filing monthly declarations regarding the details of their employees.
WHEN IS PAYE SDL UIF DUE FOR PAYMENT TO SARS?
On the 7th of Every Month, payment is due; penalties get calculated if the payment is not made in time.
WHAT IS EMP501?
- To make a reconciliation of all of the employees’ earnings, an employer must complete and submit an EMP501 report to SARS. They are also required to reconcile the various payroll taxes that they have to pay.
- EMP501 is the function to reconcile your business’s monthly payroll taxes so that an IPR5 can be generated.
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