Within the "Company" section, you will find the "Income Types" tab. This is where you can set up any additional incomes that you need to pay your employees, such as expenses, commission, bonuses, etc. The commonly used types have already been set up, but just follow the steps below to create any new incomes.
- Select the "Company" tab. The page will default to the "Company Info" tab. Select the tab labeled "Income Types".
- Wagepoint Pay is setup with 5 standard income types: Regular Pay, Vacation, Overtime, Final Pay and Bonus. You can add additional income types at any time. If you do not need an income type, you can delete it during setup.
- To add an income type, click the "Add An Income" button.
- Select the "Type" of income from the list of available options.
- Give it a name e.g. the provider or the type of income it is - Commission-based earnings.
- Include "GL Expense number" if applicable.
- Note that the tax treatment for each of the income types default to the right options - typically income types are taxable, payable, pensionable (subject to Social Security) and insurable (subject to FICA). You may edit these by selecting to "Override Defaults" (please keep in mind Wagepoint is not responsible for changes made incorrectly) and adjusting "Taxable", "Payable", "Pensionable", and "Insurable" as needed.
- Click "Save" to process any changes.