Retirement plans offer various types of tax advantages, payroll needs to know which ones you offer. In this video, learn how to set up the retirement benefit items corresponding to the retirement plans you offer.
- [Instructor] The numerous types of retirement plans, … each come with their own tax advantages. … And sometimes, employers match employee contributions. … The payroll setup interview can handle all these situations. … Here, the QuickBooks Payroll setup is already open. … And on the left-hand side, we're in the company category. … So, the next one that we're going to work on, … is retirement benefits. … Go ahead and click that, … which displays the retirement benefit screen. … We don't have any items yet, so let's go ahead and add one. … Click the add button on the right hand side. … That opens up the add retirement benefit item screen. … The benefit type is set to retirement benefits. … So, we can go to the second box, … which is the retirement benefit type, … click the down arrow, … and I'm going to choose 401K, it's the most common type. … In this case, we're going to leave the check box … for the Roth, 401K turned off. … Now, if your company offers both, … then you're going to set up one item for regular 401K, …
Note: This course covers only the US versions of QuickBooks Desktop and Payroll.
Skill Level Beginner
Using the exercise files2m 36s
1. Getting Started
2. Setting up Payroll Information
3. Defining Payroll Taxes
4. Finalizing Payroll Setup
5. Running Payroll and Payroll Liabilities
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