QB Issue Resolution:
If you haven’t set up an item for 401K, you can create one without specifying the percentage. Then, you can input the rate for each employee. However, if you’ve already set up an item, you can manually update the percentage rate in the employee profile.
Here’s how to set up your payroll item if you haven’t created one yet:
- Go to the List menu, then select Payroll Item List.
- Click the Payroll Item button, then select New.
- Select Custom Setup and click Next.
- Select Deduction, then click Next.
- Enter a name for the 401K deduction, then click Next.
- Make sure to input and select all the information needed, then click Next.
- Do not enter the percentage rate, click Finish.
Once done, add the payroll item to your employee’s account. From there, specify the percentage rate of the 401K deduction. Here’s how:
- Go to the Employees menu, then select Employee Center.
- Double-click the name of the employee you want to add the item.
- Select the Payroll Info tab.
- In the Additions, Deductions and Company Contributions section, click under Item Name to select the 401K deduction.
- Input the percentage rate under the Amount column.
- Click OK.
When creating your payroll, the system will automatically calculate the amount of deduction you set up.
Here’s an article that’ll guide with the other way of setting up a retirement deduction through EZ Setup: Set up a Payroll Item for Retirement Benefits (401(K), Simple IRA, etc.).
Resolution for Issue 'How can we set up our 401K payroll deductions to accept a high percentage contribution?' available: Yes (Solved).
Source: Intuit Community forum.
How can we set up our 401K payroll deductions to accept a high percentage contribution?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Company Contributions
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