Components | The Types of Components in PaySpace
Overview
Components refer to the various payroll items that are added and displayed on the Recurring Payroll Components and Edit Payslip screens. This includes allowances, deductions, company contributions, fringe benefits, personal contributions and notes.
Edition
This feature is available on all PaySpace editions.
Details
The types of components can be categorised in six payslip actions:
1. Allowances: includes all earnings due to the employee.
2. Deductions: refer to items that are subtracted from the allowance, resulting in the net pay as the difference.
3. Company Contributions: are contributions which the company provides to the employee.
4. Fringe Benefits: are taxable perks that an employee can receive for which they do not earn cash.
5. Personals: includes items that an employee pays in their personal capacity that qualify for a tax benefit during the tax year.
6. Notes: store important totals by default (e.g. PAYE, Taxable, Regular Income, Total SDL, UIF, Tax, Travel/Company Car Taxable, UIF Income). It can also be used to calculate, store and/or display any information not visible in the other categories above e.g. Retirement Funding Income, Bonus Tax Spread and Medical Tax Credit.
Important Comment
Only components added on company level will be available on employee level.
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