[GNC] How do I post Imputed Spotify and Tip Income on Paycheck?

[Michael or Penny Novack]

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