Employee payroll setup "Deductions and contributions" section

Hi there, WSpit99.

I'll share some information about adding company contributions for employees' payroll setup in QuickBooks Online Payroll.

Including company contributions in the payroll setup for an employee in QuickBooks Online Payroll can have its own set of advantages and drawbacks.

For pros:

• QuickBooks Online Payroll provides a streamlined process for managing your payroll information, making it easier to automatically track and manage company contributions. This can save time and reduce manual errors in the payroll process.
• Adding company contributions to the employees' payroll setup ensures accurate reporting of total compensation. This can be helpful specifically for tax reporting, and compliance purposes.
• Employees can see the full value of their compensation package by including company contributions on paystubs. This has the potential to improve transparency and employee satisfaction.

For cons:

• If you have other retirement plans or benefits that QuickBooks doesn't support. Additional calculations, tracking, and reporting of various benefits may be required, which can be time-consuming and error-prone if not properly managed.

I've added the articles below to learn more about contribution limits and how to set them up in QuickBooks:

• Understand retirement plan contribution limits
• Set up a retirement plan

Let me know if you have follow-up questions or other payroll-related concerns. I'll be here to help.