For tax and reporting purposes, enter all imputed income (such as cash tips) and the monetary value of fringe benefits (such as group term life insurance, personal use of a company car, gym memberships, gift cards) offered throughout the year if you use Fingercheck 360 or 360 Plus. You can report these earnings through a calculate-only earning.
A calculate-only earning will not generate payment but will reflect as an earning on your employees' W-2.
How to create a calculate-only earning
Log in to Fingercheck as an Administrator.
Click the SETUP tab > Payroll > Earning Codes.
Click Add Custom.
Complete the required fields and others as needed.
For the calculate-only earning, you should select these options:
Calculation Rule: FlatAmount
Hide Hours on Payroll Grid: Select this option.
Import Amounts From Time Card: Select this option to enter the amounts manually on the time card or just add it to payroll.
Imputed Income: Select this option to tell the system this is solely for recording purposes.
For details about all of the fields on this screen, see How to Set Up Earning Codes.
Now when you run payroll, you can enter the amount underneath the earning. No extra pay will be generated for the employee, and the amount will be reported for tax compliance purposes.