On 4/18/2020 11:15 AM, jewelzee5 wrote:
After the regular Earnings section of my paycheck, there are two types of
"imputed" income that are reported on my paycheck:
1. Spotify Imputed
2. Imputed Tip Income
I understand I might enter those amounts as a Credit in income accounts, but
what accounts should I debit?
You can have "income" that is virtual though affects your taxes << it is
taxable income to you though you have not received it >> This is more
an accounting question than a specific gnucash question (you'd have the
same issue pen and ink on paper) but lets deal with it anyway. Should
discuss separately things like "tips" (because if imputed tip income is
on your paycheck you probably ARE getting some tip income) and cases
where clearly totally virtual, like an employee benefit that is taxable
to you but the benefit was something other than money (in my case that
was usually the portion of life insurance premiums above what was not
taxable -- in other words, the benefit was life insurance coverage above
50,000)
You have some choices. You could create a virtual expense account or
two. For example, for imputed tip income that you never received an
expense "lost tip income" << note; if you did have real tip income, the
imputed is an adjustment amount --- BUT I am not going to address why
you might or might not want to keep an accurate accounting >> If I had
been accounting at this level during my working days I might have
created an expense for "additional group term insurance premiums" and
debited that.
Michael D Novack
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