Set up retirement deductions and contributions

You can set up paycheck deductions for the amounts employees pay into their retirement plan. If you contribute to an employee's retirement, you can also set up company contributions for this benefit.

After you set up a deduction or contribution for one employee, you can assign it to other employees.

Set up retirement deductions and contributions for employees

  1. In the left navigation bar, click Employees.
  2. Click the employee's name, and then click Edit employee.
  3. Under Does this employee have any deductions?, click the pencil icon to edit a deduction, or click Add a new deduction to add one.
  4. Select New deduction/contribution from the Deduction/Contribution drop-down.
  5. Select Retirement Plans from the Deduction/Contribution type drop-down.
  6. Select the type of retirement plan you want to set up from the Type drop-down including Simple 401(k), Simple IRA, or After-tax Roth 401(k).
  7. Enter a description or the name of the provider for the retirement plan.
  8. Select  $ amount or % of gross pay for the Amount per pay period, and then enter the dollar amount or percent of the deduction or contribution per paycheck for this employee. You can change the amount later when you create paychecks.
  9. Optionally, enter an Annual maximum for this employee if you're setting up a deduction for an after-tax Roth plan.

    10. For qualified retirement plans (such as 401(k) or 403(b), including catch-up amounts), we automatically enter the maximum annual amount set by federal regulations.

  10. Click OK.

See also

 


Did this help you?YesNo



Still stuck? Contact us