Adding bonus to paystub?
last month our company provide bonus for certain employees. How I created it in paystub?
Bonus
Re: Bonus
In the admin area:hidayah wrote:Adding bonus to paystub?
last month our company provide bonus for certain employees. How I created it in paystub?
ADMIN > Payroll > PayStub Amendments > Add
Choose PayStub account BONUS.
Amount Type: Fixed
Enter the amount of the bonus under, Amount. (Leave Units and Rate blank)
Enter a description ("Holiday Bonus" or "End of Year Bonus")
Choose an effective date. (To avoid problems, this should be the last day BEFORE the end of the pay period.)
And make sure to choose your employees eligible for said bonus.
Save. Then Recalculate if you goofed.
Re: Bonus
do bonus checks / payments to employees need to be added as an additional item to the regularly scheduled payroll? Can we issue a separate check for year end bonuses that is not part of the regularly scheduled pay periods and pay dates?
Re: Bonus
I made a paystub adjustment that added a bonus, but the withholding calculations (both Employee Deduction and Employer Contribution) for things such as FICA, Medicare, FUTA, etc do not take into account the Bonus amount.
I checked the PayStub Accounts list, the Taxes / Deductions, and the PayStub Amendment but did not see how to account for this.
When I spoke to our accountants they said that the Bonus should be taxed and treated just like gross pay.
Are we doing something incorrectly?
I checked the PayStub Accounts list, the Taxes / Deductions, and the PayStub Amendment but did not see how to account for this.
When I spoke to our accountants they said that the Bonus should be taxed and treated just like gross pay.
Are we doing something incorrectly?
Re: Bonus
You need to make sure the Include/Exclude Pay Stub Accounts are setup correctly for each of your Tax / Deductions to account for the bonus.
For more information please see the Administrator Guide:
http://www.timetrex.com/wiki/index.php/ ... Deductions
For more information please see the Administrator Guide:
http://www.timetrex.com/wiki/index.php/ ... Deductions
Re: Bonus
Shaunw,
Thanks for your response. It took some trial, error, and lots of searching, but found that the YTD adjustment checkbox for the PayStub Amendment needed to be empty. Made the change in the amendments screen, then recalculated the PayStubs and got what I expected.
When the checkmark for YTD was on, the bonus was being omitted from the Total Gross and then that affected all the withholdings.
Thanks for your response. It took some trial, error, and lots of searching, but found that the YTD adjustment checkbox for the PayStub Amendment needed to be empty. Made the change in the amendments screen, then recalculated the PayStubs and got what I expected.
When the checkmark for YTD was on, the bonus was being omitted from the Total Gross and then that affected all the withholdings.