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monkscellar
Level 1

Tips in 401(K) Calculation

Hi,

Beginning late last month QB Online began including tips in the 401(K) calculations for employees and the company match.  After way too many hours on hold over several weeks I was told that it was recently changed so that tips are included and that it cannot be turned off.  Anybody have experience with this and is this true?

Andy

2 Comments 2
Rusimyhr
QuickBooks Team

Tips in 401(K) Calculation

I understand how engaging this situation is, Andy. The tips in the 401(k) calculations is currently working as designed.

 

While I understand the current update isn't adjustable, your feedback is incredibly important to us. It helps shape future enhancements! I encourage you to share your thoughts with our Product Development Team to ensure your voice is heard. Here’s how you can do that:

 

  1. Open your QuickBooks Online Account.
  2. Go to the Gear icon.
  3. Under the Profile column, select Feedback.
  4. Enter your comments or product suggestions.
  5. Select Next to submit.

 

I also recommend checking the Customer Feedback Updates page regularly to stay updated on any changes. 

 

For more information on configuring deductions in QuickBooks, please refer to the article: Set up state retirement plans in QuickBooks Payroll.

 

Additionally, you may want to explore these resources to gain insights into your business finances, including wages, taxes, and deductions: Run payroll reports.

 

If you have any further questions about managing 401(k) calculation or any other related concerns in QuickBooks Online Payroll, please feel free to click the Reply button to notify us in the Community. We're here to help!

monkscellar
Level 1

Tips in 401(K) Calculation

Thank you for the information,

 

I guess I am just confused as the tips were never included before and then all of sudden they are with no communication about the change.  It is a significant amount of money to the company and to the net of my employees.  Tips are not wages from the company, so why would the company match an amount on tips?  The other issue I am having and perhaps you can help with this is I am having to manually figure out the actual gross wages now as that is what my retirement company is using for all the calculations.  

Andy

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