Benefits can be adjusted to take relevant taxes into account. For example, a 10% tax may be deducted from every payment. A setting at the product level indicates whether adjustments are required for a product. If the setting is turned on for a benefit product, taxes will be applied to all payments issued in respect of the product.
The adjustment rate for taxes can be maintained as part of rate table administration. The same rate will be applied to all payments. For example, a tax of 5 percent may be applied to all payments for a benefit product. When financial components are created for a benefit, information regarding whether or not tax adjustment processing is required is saved on each of the financial components.