Up until now, if you wanted to pay an employee an additional payment, you used one of "Bonus", "Commission", or "Other", but these options aren't detailed. You don't know what "Other" means in your records. Neither does the employee who is checking their pay stub. And because "Other" has been a catch-all for miscellaneous payments, there are particular tax implications that "Other" cannot consider. On top of this, another highly requested feature is the ability to create recurring employee payments. Additional Income Types fills in all these gaps.
"Income Types" is now your section to customize and choose your additional income types, which nicely sits next to the already existing "Benefits" section that allows you to set non-cash benefits or employee deductions.
To put it simply, "Income Types" is for payments that are directly paid through payroll to employees. Meanwhile, "Benefits" is for payments (or benefits) that get paid by the company to the benefits provider, which are then recorded and taxed on employee pay stubs.
If you don't see the Additional Income Type that you'd like, you can request a customized Additional Income Type.
Once the request is submitted, a Payroll Certified Specialist will review the tax settings and apply the new income type to your account.
If you'd like to set a recurring amount for a specific Additional Income Type, you can now do this with Humi Payroll.
Keep in mind: the recurring amount that you enter is the amount per pay period. For example, if you'd like to pay a Car Allowance of $100 each pay period, you should enter $100.
In the case that you want to view and edit Additional Income Types when running payroll, you can now do this on the run payroll screen.