Profit Sharing paid out monthly

Posted By Mary Battista over 1 year ago

I have an hourly employee receiving weekly payroll that will also be receiving monthly profit sharing in a flat amount. What is the best way to set this up? Should I use the "bonus" category? Does it make sense to set that up as if he's a separate employee so that he would have two employee numbers, which would also generate two W-2s? Thank you,

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ghollister over 1 year ago +1

Hi Mary. It seems like an Add To Gross payroll calculation might be easiest. Is this profit sharing going to be subject to the normal Federal and State taxes? Or will it be taxed at the higher bonus rate…

0 Derek Vink over 1 year ago

Moving this post to the Sage 100 Contractor froum in the Sage Construction and Real Estate Support Group.

Thanks,

Derek
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0 Mary Battista over 1 year ago in reply to Derek Vink

Where would I find that? I kind of thought that's where I was?
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0 Derek Vink over 1 year ago in reply to Mary Battista

Hi Mary,

Your post is in the correct spot now but had been posted in the Sage Accounting group by accident, which is a different product from Sage 100 Contractor.

Thanks,

Derek
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0 ghollister over 1 year ago

Hi Mary. It seems like an Add To Gross payroll calculation might be easiest. Is this profit sharing going to be subject to the normal Federal and State taxes? Or will it be taxed at the higher bonus rate? Also, I don't think you will need a duplicate record for this employee unless you are required to submit a separate W2.
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Sage Construction & Real Estate

Profit Sharing paid out monthly

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