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- how to set up employer matching contribution to a simple IRA
how to set up employer matching contribution to a simple IRA
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The1CPA
Level 1
Monday
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In the batch payroll module, I've set up the debit and credit accounts, periods, w/h field and the matching percent. The system is taking the matching percent, in this case 3%, times the amount the employee had withheld to arrive at the employer matching amount. It's my understanding that the matching amount in this case should be 3% of gross pay instead of 3% of the employee's contribution amount. (Monthly pay period)
With the biweekly payrolls, the system does not calculate any employer contribution even though the employee's are contributing more than 3% of their gross pay.
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