Second payroll in a period?
DaveM
Member Posts: 3
Does anyone know of any way to run an additional payroll, once my monthly payroll has been processed?
I Ran and Approved/Posted December payroll last week. Later I realized I have some Employee Benefits (Medical Insurance premium payments) that I need to record through payroll (so they appear on my W-2). It looks like Wave has the option to record such benefits through payroll (I think I need to pay Income Tax on the benefits but not social security or medicare deductions). BUT - since I already ran my payroll this month, there is no function to run another payroll - not even at year end, when there are surely lots of one-off types of entries being made outside of the regular monthly payroll cycle.
Would appreciate any ideas anyone in the community has as to how I can handle this inside or outside of Wave.
Comments
Hey @DaveM, sorry about this limitation in Wave right now. We're working on implementing a one off feature for bonuses and adjustments, but it may be a bit of time before it is rolled out, so I apologize it does not help in this situation. Regardless, I'm going to submit a feature request now.
Also, I should note that at the moment Wave does not have the capability to record the Medical Insurance premium payments nor tax it correctly (none of our modification features can be exempt from being taxed Social Security of Medicare). I hope this helps a little, and again my apologies about the situation!
I need to pay an employee one pay class on one check and a second pay class on another check. is it possible I finalized pay and now it won't let me go back and create another same pay week? Is there a work around?
Hey @zepeda I merged your comment into this discussion as it seems to be about the same thing. I'm afraid that within Wave, you can only run 1 payroll for a given period to ensure that you are not double paying employees or over-calculating your liabilities and withholdings. The way to resolve this issue, would be to unapproved or "delete" the payroll in Wave, make edits, and then re-approve it. This can only be done if direct deposit was not linked to the payroll. Outside of this, you will need to add the additional pay onto the following payroll period.
So what you're saying is, we can't run a "Bonus" payroll, separate from the regularly scheduled payroll dates?
In that case, can we create a payroll item, that is exempt from income tax (or specified taxes) or the opposite, has extra tax taken out of just that item?
Hey @Cohc! While you can't run a 'bonus' payroll, you can definitely add bonuses to your existing payroll - check this article out here. With that said, the tax implications are not something we're entirely able to advise on, as the bonuses would still be subject to your payroll taxes. You might want to reach out to a local tax professional for advice on how that tax scenario would work!
Hello, just wondering if anything was rolled out or solved on this topic. I'm in need of running a "special payroll" which is the term I've seen used in other organizations whenever on non-scheduled payroll needs to be run, either due to an error in an employees prior pay, terminated employee, etc.
Hey there @MikeMo
Unfortunately at this time there hasn't been any discussion of adding secondary payrolls to a payroll frequency at this time. My apologies for that. Reach out to our support team by using the help button at the bottom of your account for support with a payroll agent!