QB Issue Resolution:
“So we will match 50% of their current contribution up until it hits 6% of their salary.”
QB Payroll provides for the Two payroll items; one is the Gross Pay deduction and one is the Company Contribution.
“So, if Employee A is contributing 2% of their salary at $80,000 we would match that contribution at 1%”
Exactly. Each Payroll Item gets its %.
“with a limit of 6% of their salary, which is $4,800.”
Put that Limit on the payroll item on the individual employee record and not on the item. That is how you set up something that varies per employee name. Otherwise, QB will stop computing where it finds the Lower limit, so I recommend never putting a limit on the Payroll Item(s) when setting them up.
“Another example: If Employee B is contributing 6% of their salary, the company would match at 3% with a limit at 6% of their salary, which is $4,800.”
You will need to compute and update $ limits, as people get raises, etc. That’s why you run reports and check the data at least Quarterly.
Here is my real-life example:
I set up an employee for what was supposed to be 6% deduction. I forgot the % sign. After three paychecks, I was double-checking, and noticed I took $6 three times. So, I fixed QB. Then, I had to explain to that employee why the next takehome would be half what he expected, since I had to make up 6% of three paychecks, for the deduction. Oops.
Resolution for Issue 'My company just switched from a straight percentage match of salary (2% of total salary) to $.50/dollar up to 6% of salary. How do I change that in QB for each employee?' available: Yes (Solved).
Source: Intuit Community forum.
My company just switched from a straight percentage match of salary (2% of total salary) to $.50/dollar up to 6% of salary. How do I change that in QB for each employee?: 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 would
Quickbooks Repair Pro will resolve it efficiently and affordably. Guaranteed resolution of your issue, or you pay nothing!
Error Recovery for company would [Canada]
E-Tech is the #1 Quickbooks data migration and Conversion service provider.
Additional Support Options: