The Allocation of tax to member accounts is performed in two steps.
•First, Mclowd™allocates the tax on contributions made to each member account. Tax is calculated according to the contribution type specified when the contribution was posted.
•Secondly, Mclowd™allocates the Income Tax payable by the Fund to taxable member accounts. Income tax allocation is calculated by using the Member Weighted Balances.
ALLOCATE CONTRIBUTIONS TAX
When you click NEXT - ALLOCATE CONTRIBUTIONS TAX, Mclowd™displays the Contributions Tax Summary Screen.
For each member, this screen shows contributions made during the year, tax on contributions, insurance premiums and tax on premiums, and total contributions tax.
