Deductions Overview
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A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
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A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
Taxes are calculated based on locations. A location is the physical location where the employee works, which determines the worked-in state/province income tax and/or local income tax.
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A general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.
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An accrual policy defines how and when balances associated with accrual codes are credited and debited.
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Business rules can be thought of as required instructions for a system to accurately process information.
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A job can have defined attributes or describe a specific role.
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Earnings identify different types of employee compensation for services provided. Earnings can also include specific parameters such as accounting rules, tax laws, and reporting requirements.
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