Benefits and deductions impact employees' taxable earnings. Proper entry allows benefits and deductions to be accurately reflected on the T4 slip.
Benefits
Some benefits are not paid to employees with their wages and must be sent to applicable accounts outside of Wave.
Benefits are employee compensations that are in addition to their salary or hourly wages. Benefits available with Wave's payroll feature are:
- Commission
- Expense reimbursement
- Wage adjustments
- Bonuses
- Allowances
- Separation payments
- Miscellaneous benefits
To learn more about a benefit, select a benefit to add to an employee, and review the information shown in Wave.
Deductions
Amounts deducted must be deposited into applicable accounts outside of Wave.
Deductions are funds taken from an employee’s paycheck for things like insurance, medical, or retirement plans. Deductions available with Wave's payroll feature are:
- RRSP contributions
- Union dues
- Wage adjustments
- After-tax deductions
- Health insurance
- Dental insurance
To learn more about a deduction, select a deduction to add to an employee, and review the information shown in Wave.