Deduction Types | Wagepoint

Deduction Types

Within the "Company" section, you will find the "Deductions" tab. This is where you can set up all applicable deductions like medical or dental insurance, retirement accounts, parking, etc.

  1. Select the "Company" tab. The page will default to the "Company Info" page. Choose the "Deductions" tab.
  2. Click the "Add a Deduction" button.
  3. Select the "Deduction type" from the list of pre-defined deductions. 
  4. Assign a deduction name e.g. the provider or the type of deduction it is - Retirement, for example.
  5. If a "GL Expense Number" or "GL Liability Number" are applicable, enter that information in the available spaces.
  6. By default, all deductions are listed as taxable, payable, and insurable (subject to Social Security). If you need to make a change to these options, you can click the check box to Override Defaults. Once checked, you can set each option as YES or NO. (Note: If you override the defaults, Wagepoint assumes no responsibility for changes made incorrectly. Please contact us if you have questions about deductions.)
  7. Click "Save" and you have set up a company deduction.
  8. If you can't find a deduction in the list of options, click "Request Custom Deduction Type" and send us a message. We will get you set up right away :)