Starting in 2024, if the taxpayer has income of at least $145,000 for the year, the catch-up contribution must be treated as a Roth contribution .
My Question: Will HRMS have an update that will handle this or is there something that I will need to…
We had a PTO earnings type that was NOT included in the 401k deduction calculation and match. It only affected six individuals and we know the amounts. How do we make that correction in Sage for year 2022 before we issue W2?
Create/start a separate…
I only have this error on one employee. Our retirement plan match's up to 3% of gross pay. We have several employees that only match up to that 3% limit. For some reason it calculates this one employee's contribution at 2.94%. The employer contribution…
We need a 401k formula which allows the employee to deduct up to the Limit or Catch Up Limit, but stops the company match at the gross earning amount, for instance, of $285,000 for high income earners.
Hello,
I am trying to condition my Deduction Register to only show 401k deduction totals, however when I try to condition my report to only show 401k totals, I do not have the option to select "Deduction ID" in the conditioning field. Does anyone…
Is anyone having an issue with HRMS not allowing a 401k withholding of 19,000? Our payroll system is stopping the withholding at 18,500 despite the rule saying 19,000. We've also changed annual amount on pay tab to 19,000.
Does anyone use a formula to calculate the matching for a Safe Harbor plan? We are changing our plan type and I would LOVE to not have to do the math for the IRS mandated matching for Safe Harbor.
Does anyone have a modified 401k report that shows both regular 401k deductions as well as 401k Roth deductions, in separate columns? If so, are you interested in sharing it with us?
Appreciate it!
Siri Heinrichs
Berkowsky and Associates, Inc…
does anyone have 401k formulas setup to incorporate different amounts withheld on Bonuses. Our plan allows participates to withhold a different amount on Bonuses both 401k and Roth. We have formulas setup to calculate 401K and Roth and to compare to one…
I have a job that imports hours and earnings codes from our time clock system. In general it works fine. The only time I have a problem is when employees work a holiday and get double time.
For some reason, deduction code 4P (401k percentage) does not…
Okay, This seems like it should be doable however I've not been able to figure it out and I've searched and can't seem to find anything either (there was one similar post in here but the answer suggested using a script which I don't think is available…
I am using Business Works 2013, SP4.
Starting in 2014, our company started a 401k plan. The company is contributing 3.0% of Gross Wages to all eligible employees.
I tried to do it as follows but am having a problem:
#1 401K-Employer - Other Pay…
