Last modified by Peytience S on 2023/10/30 18:55
From version 1.1
edited by christie w
on 2023/02/01 22:03
Change comment: There is no comment for this version
To version 3.1
edited by Peytience S
on 2023/10/30 18:55
Change comment: There is no comment for this version

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1 -XWiki.christiew
1 +XWiki.peytiences
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3 3  
4 4  **To set up the retirement plan deduction to be exempt from taxes:**
5 5  
6 -*
7 -** In your payroll program go to **"Payroll Items".**
6 +* In your payroll program go to **"Payroll Items".**
7 +* Select **"Employee List Settings" **in red at the top of your employee listing on the left side, then click on the red **"New"** button to the right by **Deductions.**
8 +* **Enter a name** for the deduction, such as Pension Plan for example.
9 +* From the **Type** menu, select **"Pension"**.
10 +* To the right under **"Tax Exempt"**, select the taxes exempt from the deduction. Again, Pension Plan deductions are normally exempt from the Federal and State Withholding taxes. Check with your Accountant or the plan administrator for verification of which taxes are exempt from the Pension Plan.
11 +* From the **"Calculation Method"** dropdown, select the method used to calculate the amount of the deduction, normally it would be Flat Amount or Percent of Gross, leave the rate/amount box at 0.
12 +* If you post your payroll to Quickbooks, then under the **"Accounting Links"** section, **choose the Liaiblity Account** you wish to have the deducted amount post to and click **"OK"** to create the deduction.
8 8  
9 -*
10 -** Select **"Employee List Settings" **in red at the top of your employee listing on the left side, then click on the red **"New"** button to the right by **Deductions.**
11 -
12 -*
13 -** **Enter a name** for the deduction, such as Pension Plan for example.
14 -
15 -*
16 -** From the **Type** menu, select **"Pension"**.
17 -
18 -*
19 -** To the right under **"Tax Exempt"**, select the taxes exempt from the deduction. Again, Pension Plan deductions are normally exempt from the Federal and State Withholding taxes. Check with your Accountant or the plan administrator for verification of which taxes are exempt from the Pension Plan.
20 -
21 -*
22 -** From the **"Calculation Method"** dropdown, select the method used to calculate the amount of the deduction, normally it would be Flat Amount or Percent of Gross, leave the rate/amount box at 0.
23 -
24 -*
25 -** If you post your payroll to Quickbooks, then under the **"Accounting Links"** section, **choose the Liaiblity Account** you wish to have the deducted amount post to and click **"OK"** to create the deduction.
26 -
27 27  [[image:https://www.aatrix.com/files/6014/2359/3680/Personalizing_Pension_01.png||alt="Learn how to set up and personalize deductions for pensions (ie. 401K or IRA)." height="500" width="680"]]
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29 29  
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41 41  * **Repeat the above steps** to personalize the deduction for employees as necessary.
42 42  
43 43  [[image:https://www.aatrix.com/files/7514/2359/3682/Personalizing_Pension_03.png||alt="Learn how to set up and personalize deductions for pensions (ie. 401K or IRA)." height="349" width="679"]]
31 +
32 +----
33 +
34 +== Related Pages: ==
35 +
36 +=== [[Setting up Reimbursements>>doc:Mac.Payroll Items .Setting up Reimbursements .WebHome]] ===
37 +
38 +Learn how to set up reimbursements for employees.
39 +
40 +
41 +=== [[Setting up Oregon Statewide Transit Tax (STT) deduction>>doc:Mac.Payroll Items .Setting up Oregon Statewide Transit Tax (STT) deduction .WebHome]] ===
42 +
43 +Learn how to create the Oregon Statewide Transit Tax (STT) deduction.
44 +
45 +
46 +=== [[Personalizing Deductions for Individual Employees>>doc:Mac.Payroll Items .Personalizing Deductions for Individual Employees.WebHome]] ===
47 +
48 +Learn how to personalize deductions for every employee.
49 +
50 +
51 +=== [[Child Support or Garnishment Personalized Deductions>>doc:Mac.Payroll Items .Child Support or Garnishment Personalized Deductions .WebHome]] ===
52 +
53 +Learn how to personalize payments and/or court-ordered garnishments for an employee.
54 +
55 +
56 +=== [[Creating and Assigning Income Items>>doc:Mac.Payroll Items .Creating and Assigning Income Items .WebHome]] ===
57 +
58 +Learn how to create and assign other income items.