Last updated on JANUARY 06, 2017
Applies to:Oracle Fusion Global Payroll Cloud Service - Version 126.96.36.199.0 and later
Information in this document applies to any platform.
The Young Entrepreneurs Act was passed in 2014. All young residents of Puerto Rico, who are salaried employees and are between sixteen to twenty-six years of age will receive an exemption amount of $40,000.
This exemption amount will be reported on the Puerto Rico W-2 in Box 16. If the employee earned a salary higher than $40,000, the excess of the salary over the $40,000 exemption will be considered taxable income.
US legislation needs to accommodate this exemption amount.
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