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Taxable Service Awards
We have approximately 1500 taxable service awards to process annually. We are looking at different methods of payment to the employee. We are currently on Oracle 12.2.4 and the optimal method would be to process a gross up bonus however there is much interest in issuing a gift card and then processing an imputed earning within payroll.
There is discussion of several different methods of issuing the pay met to the employee;
*issuing a gift card via the vendor and then Payroll would record an imputed earning.
*issuing a bonus via the payroll process and let taxes deduct from the bonus
*issuing a gross up bonus so that the employee receives the full net of the award