From the course: QuickBooks Payroll Essential Training

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Defining retirement benefits

Defining retirement benefits

From the course: QuickBooks Payroll Essential Training

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Defining retirement benefits

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- [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,…

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