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Replying to:
SheandL
QuickBooks Team

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To accurately calculate the 3% company match for your one-time bonus, we'll need to set up a new payroll item in QuickBooks Desktop, @spectrum1. Let's work together to help you with your payroll processing.

 

Creating a new payroll item will ensure that the one-time bonus for your employee is processed with complete information, including the accurate application of the additional 3% company match calculation. Here's a step-by-step guide on how to set it up:

 

  1. Open your QuickBooks company.
  2. Go to Lists menu, then Payroll Item List.
  3. Navigate to the Payroll Item dropdown, then choose New.
  4. Tick the Custom Setup, then Next.
  5. Choose between Deduction or Company Contribution, then Next.
  6. Add the name of the deduction or company matching item. Once done, click Next.
  7. In the Tax Tracking Type window, choose the specific contribution item. Click Next two times.
  8. Under Calculate based on quantity, you can click Neither, then Next.
  9. You can keep the Default rate and limit fields empty. At the same time, you can enter the rate and limit when adding the item to the employee profile.
  10. Click Finish.

 

Here's a screenshot for your reference:

 

Sample.PNG

 

Once you have created the new payroll item, you can go ahead and add it to your employee's profile. Afterward, you can consider processing an unscheduled payroll or adding the bonuses to regular paychecks as an alternative method.

 

For more details, please see this article: Set up or change a retirement plan.

 

Additionally, if you're looking to review and gain insights from the data related to your payroll payments, I recommend exploring this article: Create a payroll summary report in QuickBooks.

 

The Community space is always available if you need more help on this matter. You can post a comment below, and we'll be sure to get back to you.

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