Could I have a breakdown of the invoice charges?
Below you will find the different line items you will see on an invoice, with a corresponding description. For more information and the fastest assistance, please reach out to Velocity Global through your normal process, and we will help you.
Allowances. Payment of an allowance. Examples of this are car, cell phone, or fitness allowances.
Annual Bonus. In China, every employee can apply annual bonus tax once a year to reduce their tax contributions amount. The annual bonus tax calculation is calculated separately from the monthly gross salary.
Bonus. Additional remuneration added to the supported employee's payment.
Compensation. The amount of money the supported employee receives in exchange for their services.
Commissions. Additional remuneration added to the supported employee’s payment due to sales generation.
Employee Expense. Payment of an expense.
Employee Expense (V/A). Expense reimbursement with receipt submitted by the supported employee. It’s nontaxable to the supported employee.
Employer Health Insurance. Statutory social contribution in China for your supported employee's basic health insurance.
Employer Housing Fund. In China, the housing fund allows Chinese employees to save money for purchasing their own house, thus representing one of the means to ensure social security and stability in the country. Furthermore, the balance can only be withdrawn for a down payment or purchase, construction, and renovation of a house or to subsequently pay back a mortgage. After an employee’s retirement, the remaining balance can be redeemed and used at will.
Employer Injury Fund. Ensures that employees and their families receive efficient medical treatment and adequate economic compensation in case of work-related injuries or death.
Employer Pension Contribution. For your supported employee’s retirement contributions.
Employer Unemployment Insurance. Unemployment insurance payments (benefits) are intended to provide temporary financial assistance to unemployed workers who are unemployed through no fault of their own. Each state sets its own additional requirements for eligibility, benefit amounts, and length of time benefits can be paid.
Expenses Non-Expensify (V/A). Expense reimbursement without the proper receipt submitted by supported employees. This will be processed as taxable expenses.
Insurance Premium. Benefit provided by you (the employer) to your supported employees.
Meal Allowance. Recurring allowance provided to your supported employee as a part of their monthly salary package.
Regular Bonus. One-time payment to the supported employee.
Velocity Global EoR Fee. Velocity Global’s fee.
Value-Added Tax (VAT). The sales or importation of goods, the provision of services, and the sales of intangible and immovable properties are subject to VAT. For general VAT payers, input VAT can be credited against output VAT.
Wire Transfer Fee. Payment for the cost of a wire transfer.