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Any direct deposit with a $100,000 single individual and/or a combination of direct deposit and taxes totalling over $500,000 per pay cycle will automatically be scheduled for a wire transfer. When this happens, additional wiring instructions will be provided when processing your payroll in Wagepoint.
- If Judd had a net pay of $100,000 and Ralph had $50,000, a wire would be required for the $150,000.
- If Judd had a net pay of $75,000 and Ralph had $50,000, no wire is required.
- If Judd had a net pay of $75,000 and Ralph had $50,000 and $400,000 in taxes, a wire will be required for the $525,000.
- If 10 employees all have a net pay of $50,000, a wire would be required for the $500,000.
To avoid the wire, six (6) business days are required between the payroll process finalization date and the pay date.