I'd reach out to your Sage partner for help setting up Sage Payroll.  Much is involved and a dialog would be better than answering questions (which often require more questions to be answered!)  If you do not know who your partner is, contact Sage.  

Thank you.

What does the Pension/Profit sharing check box field do?  Does it apply to W2's?  It checks a box on the W-2s.

There are currently no options set up in our system in the Labor Code Field. I believe this is more a tool for ease of reporting.  As a small company, how critical is this? It overrides the g/l account that wages are posted to and allows for some summarizing on some reports. Check with your Sage Partner for more specifics on using it.

Is a Benefit Code required for everyone?  PTO and Vacation are the current options and we only use one of those. It's used to accrue earned PTO and vacation automatically.  Check with your Sage Partner for more specifics.

Is an EIC Code a required entry for everyone?  We use a different section to enter filing status for tax withholding.  EIC stands for earned income credit.  It is not required.  It is separate from filing status such as Married,  single, etc.  Check with your accountants for more understanding of this.

Is it necessary to check the W2 and 1095 Electronic consent signature boxes?  This is used if you want to send them an e-mail copy of their W-2 or 1095.  You must use the Federal Efiling and Reporting if you want to use this.  Personally I've never had a client use it.  Check with your Sage Partner for more info.