What types of Payroll Runs can I run in GoCo?

Looking for a comprehensive guide on payroll run types? You've found it! Check out this article for more information.

For our guide on running payroll, check out this help article. 

There are 4 types of payroll runs that you can process in GoCo. 

• Regular Payroll - GoCo will pre-populate this payroll type automatically! When processing this payroll type, the payroll admin will see active employees in that payroll period. If someone is hired in the middle of the pay period and is salaried, their pay will be prorated. With this payroll type, payroll admins can add one-time earnings & deductions to be taxed at a normal rate. 
  

  ⭐ The available earnings & deductions are dependent on what is set up for your company. If you would like to edit these, please reach out to your GoCo payroll admin.

• Off-Cycle - This payroll type will be used outside the normal pay cycle - for example, a bi-quarterly commission payroll.
  After selecting this payroll type, payroll admins will input the work period, pay date, and name this off-cycle payroll. Please note that if you are using direct deposit, your pay date will need to be 2 days out to process in time. You will then choose standard tax withholding or bonus tax withholding before submitting and processing this payroll. 
• Bonus - This payroll type is used for bonuses, gifts, or commissions. This supplemental income will be taxed at a supplemental rate. Admins can include deductions on this payroll type. 
• Termination - This payroll type is to be used for final paychecks when terminating employees. You can access this payroll type either from the payroll dashboard or the termination wizard on said employee's profile. If you start in the payroll dashboard, you will first choose your terminated employee, then follow the termination wizard to choose between paper check or direct deposit. 

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If you have any questions, please reach out to the GoCo team at support@goco.io.

Happy Pay-Day! 💚