How to pay your employees correctly, accurately, and on time. Every time.
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How to pay your employees correctly, accurately, and on time. Every time.
When it comes down to it, running payroll isn't complicated; you want to pay your employees on time and pay the government the right amount every time you pay your taxes. We're here to help. We've ...
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where in pr do you add local tax deductions and or state unemployment tax which is required in the state of pennsylvania
I have a small bar. I wanted to ask how I would enter the amount for cash tips that the bartenders take with the night earned. Then I need to enter in the credit card tip outs as well as there hour pay. Is all of that possible?
Hey there is @Amplify_Delaware2020
Any cash income should be accounted for using the cash on hand account (which comes natively with your Wave account). Then anything deposited into a checking account through interac or CC should be categorized under the appropriate bank account. When you pay our your cash tips, you'll want to create expense transactions and debit the cash on hand account. Categorize this as an expense called "tips"if you like in your chart of accounts.
You should be able to do the same for your checking asset accounts depending on how you pay this amount out to your employees.
Please let me make sure I have the correct info,
The bartenders get revenue from three sources,
first, they get cash tips that are taxable. Cash tips usually go home with the bartender that night.
second, they get credit card tips after we go online and adjust the card receipts and then they get the tip out amount split evenly between whoever was working that night. I usually send them this money in the form of a check or Venmo.
Third, they get a minimum amount of pay per hour that is approx 3.50 an hour.
We have not been open long and got shut down before we were able to file taxes for the first quarter because of all of this COVID crap.
I need to enter all of the cash tips, credit tip outs, and hourly money so that it is taxed.
I don't want to do a cash transaction that becomes an issue when I need to get payroll done.
The question, is there a sample screen I could look at to see if I can figure something out.
Hey again @Amplify_Delaware2020
First off, let me sincerely apologize that your business was affected by the Covid-19 pandemic. A lot of our users have been experiencing these issues and we're happy to try and help you the best we can.
Second I want to mention that I, nor the other admins are accountants and therefore would hate to give you erroneous accounting advice. I would highly recommend seeking the advice of a professional especially when it comes to your state taxes as we are based in Canada.
If you haven't created your tax accounts under the SALES TAXES setting I would recommend doing this.
Moreover, if your cash tips are physical cash, Wave usually recommend that use the cash on hand account. This is an asset account that is not linked to your bank as it documents physical cash coming in and out of your company. You can then create expense transactions from your cash on hand account to your employees by categorizing it as "tips" or "employee salary/wages".
Once again though I do want to ensure that you're getting proper advice and I would highly recommend you reach out to a professional about this or you can try finding a Wave pro in our PRO NETWORK LISTINGS who can give you more sound accounting advice depending on your location, but if you have any more questions about Wave's usability feel to ask!
Hello @Amplify_Delaware2020
I think you are asking how to post the cash tips to the employee payroll so that it is properly captured as taxable wages. I was trying to figure this out before I decide to use the Wave Payroll. Did you ever get an answer to your question?
Hey @Phil_S , unfortunately Wave Payroll doesn't support tips at the moment so you would have to find a way to capture these outside of the system.
Hello, AlexL or other Admin, In follow-up to the tips question, is there an ability to put Credit Card tips into the payroll? These will come across in the Merchant processing payments.
Hey @Rosa! In order to add credit card tips into payroll, you'd be adding it as a bonus into the payroll itself. With that said, I'm not sure what you're referring to with the secondary part of this question, regarding merchant processing payments. If you wanted to clarify that a little further, I'd be happy to try to help more!
Hey @Rosa , thanks for getting back! For questions about payroll tax rates, I'm afraid we admins here in Community Support can't advise on that, as we're not accountants. I would recommend reaching out to an accountant to be sure of what the best/most compliant choice would be! If you're using Wave Payroll, you can also reach our team via Live Chat, where our Payroll Specialists might be able to offer advice on tax calculations as well!
I need someone to call me immediately. I can not run my payroll even though I received an email telling me the direct deposit was approved and my employees info is in there. Your tutorial is not showing what my computer is showing. Please call me: 5*********, or 5********* Nannette CEO
Hey there @WorkoutTemps
I see you've reached out to Wave support during our off-hours. If you'd like to chat back in with us you can select the help button at the bottom of your account and type out a question to our Chat-Bot Mave who will assist you first before putting you through to an agent. Our hours of operation for live chat support is Monday - Friday 9-6pm EST.
I have edited your phone number on this public to ensure that your PII is protected. Please reach out through the chat/ticket forum if you'd like to try and arrange a call or chat with our specialists.
Is there a way to set up automatic payrolls if the payroll amount does not change?
Hey there @Carolina . Great question! I'm afraid that you cannot setup automatic payrolls in Wave at this time as each payroll needs to be verified and approved manually.
Is there a way to change the rate of pay for statutory holidays? If an employee worked the stat, Wave is calculating it at 1.5x regular rate but we pay 2.5x regular rate. How can we change this?
Hello @KatC !
Statutory holiday pay is calculated based upon the provinces guidelines and isn’t editable in Wave. As a workaround, you can assign a bonus to your employees to increase their pay.
I need someone to contact me regarding my payroll. I need today my employees (which I haven't now for 2 weeks) because I can't seem figure out how to do it. Have never done payroll before so I'm finding it a little difficult to understand/
My email is ceilidhcottages@hotmail.com
hi, how do we enter advances (we will be running payroll monthly but will be giving advances during the month, if needed) thanks
@AlexL Has Wave added the functionality for employers to enter employees' tips to their payroll checks? In the Add to Pay drop down only Bonuses, Commissions, Allowances, Expense Reimbursements, Separation Payments and Benefits can be selected. Tips is not an option. I really would prefer to use Wave over Gusto for payroll.
I agree with tnguyen. I need a way to deduct taxes for the cash tips already paid to my employees for each semi-monthly pay period. I would love to see this feature added.