System for savings and tax management of gratuity income
AssigneeVizor Group, Inc.
InventorsJohn Calce, Bret Madole, Richard Ellman, Robert Elliot
Life of this patent
Estimating the term…
Abstract
An investment system provides for multiple employers. The employers withhold payments to employees according to preferences defined by the employee. The employer forwards the withholding to an investment account manager who manages accounts for each employee. The account manager pools the withholding from the employees and invests the money in proportion to the preferences stated by the employees in the plan. Employees may change employers without affecting their accounts. Tax information may be calculated by the system to ensure accurate gratuity accounting and tax compliance on the part of the employer.
Claims12
A tax information system comprising:
- processing circuitry for:
- receiving information regarding credit and debit card sales and gratuities for participating employees of an employer;
- receiving information on cash sales for said participating employees;
- determining a minimum amount of cash gratuities for said participating employees;
- receiving information on actual cash gratuities for each of said participating employees;
- and
- calculating payroll taxes for said participating employees according to said credit and debit card gratuities, actual cash sales, minimum amount of cash gratuities, and actual cash gratuities.
A method of providing tax information system comprising:
- receiving information in a processor regarding credit and debit card sales gratuities for participating employees of an employer;
- receiving information in said processor on cash sales for said participating employees;
- determining in said processor a minimum amount of cash gratuities for said participating employees;
- receiving information in said processor on actual cash gratuities for each of said participating employees;
- and
- calculating in said processor taxes associated with said participating employees according to said credit and debit card gratuities, actual cash sales, minimum amount of cash gratuities, and actual cash gratuities.
Dependencies are inferred from the claim text.