What is 'nonwage income' in SAP LOD-SF-OBD - Onboarding?

nonwage income - Overview

• Component: LOD-SF-OBD

• Component Name: Onboarding

• Description: Income other than what is earned in the form of wages or salary for example, dividends or interest.

nonwage income - Details

• 
  Key Concepts: 
  Nonwage income is a type of income that is not paid in the form of wages or salaries. It includes income from investments, rental properties, royalties, and other sources. Nonwage income is reported on a W-2 form and is subject to taxation. 
  
  How to use it: 
  In SAP Onboarding, nonwage income is used to calculate the total compensation for an employee. This information is used to determine the employee's eligibility for benefits and other compensation-related decisions. Nonwage income can also be used to calculate taxes and other deductions. 
  
  Tips & Tricks: 
  When entering nonwage income into SAP Onboarding, it is important to ensure that all information is accurate and up-to-date. This will help ensure that the employee's total compensation is accurately calculated. 
  
  Related Information: 
  For more information about nonwage income, please refer to the IRS website or consult a tax professional.