¶ Employee Other Income
Employee Other Income means additional income of the employee apart from the salary from the company or organisation. It refers to those sources of income of an individual or business which arise out of activities besides the main activity to be recorded separately in Schedule 1 of Form 1040 or on the income statement. It conveys to the authorities that the earnings are from activities besides regular taxable income. It may include any source of income that the employee receives such as income from house rent business, investments, prizes and awards, gambling winnings,including lotteries and raffles, etc.
Other Income is not tax exempted.
To create Employee Other Income, go to Human Resources > Employee Tax and Benefits > Employee Other Income.
¶ Following fields with their definition are as follows :
- Employee : Select the employee for whom other income is declared.
- Amount : The annual total amount from the other income source.
- Payroll Period : The current payroll period.
- Source : Name of the source of the other income.