What is amount withheld in SAP PY-FI - Finland?

SAP Term: amount withheld

• Component: PY-FI

• Component Name: Finland

• Description: The value that is paid as a form of advance payment or prepayment of income taxes. According to the Finnish tax administration, the payer subtracts an amount of money from wages. The percentage to be subtracted is the result of a calculation reflecting the beneficiary's tax liability. The payer will pay the withheld amount further to the tax administration. In , the amount withheld is known as 'ennakonpidätys'.

Smart SAP Assistant

• Key Concepts: 
  Amount withheld is a feature of the PY-FI Finland component of SAP software. It is used to calculate and withhold taxes from employee salaries. The amount withheld is based on the employee's salary, tax rate, and other factors. 
  
  How to use it: 
  To use the amount withheld feature, you must first enter the employee's salary information into the system. Then, you can enter the tax rate and other relevant information. The system will then calculate the amount to be withheld from the employee's salary. 
  
  Tips & Tricks: 
  It is important to ensure that all relevant information is entered correctly in order for the system to accurately calculate the amount to be withheld. Additionally, it is important to keep track of any changes in tax rates or other factors that may affect the amount withheld. 
  
  Related Information: 
  For more information about the amount withheld feature of PY-FI Finland, please refer to SAP's official documentation or contact your local SAP representative.