Introduction
Employee benefits may be provided on an annual basis as part of an organization's overall compensation structure. The Annual Benefits feature in Acculyt AI allows organizations to define and manage annual employee benefits and specify their applicable tax treatment.
Overview
The Annual Benefits feature in Acculyt AI allows organizations to create and manage annual employee benefits from a centralized location. Each benefit can be classified as Taxable or Non-Taxable, helping ensure the appropriate treatment during payroll processing.
How It Works
Annual benefits represent benefits provided to employees on an annual basis. When creating a benefit, you can define its name and specify whether it is Taxable or Non-Taxable.
Taxable – The benefit is subject to applicable payroll tax calculations. Non-Taxable – The benefit is not subject to payroll tax calculations.
Once created, the annual benefit can be used in supported payroll processes.
Annual benefits can be configured according to your organization's employee compensation structure and applicable tax requirements.
Managing Annual Benefits
To add a new benefit, click + Add Annual Benefits, enter the Annual Benefits name, select whether the benefit is Taxable or Non-Taxable, and click Add. Click Discard to cancel the entry.
Once created, the benefit becomes available for use in supported payroll processes. You can manage existing annual benefit records using the available options in the Annual Benefits list.