Employer Retirement Contribution

Specify the percentage or domestic currency amount of retirement plan money paid by the company on behalf of the employee. This amount is not part of any income or income tax deductions. It is not added to gross wages when taxes are computed.

When this field has a value of zero (0), the employer retirement contribution is automatically computed on the Payroll Processing form during calculation of Payroll. The computed amount is based on the values entered in the Max Employer Contribution field on the Payroll Parameters form.

If you have a zero amount in the Employer Retirement Contrib field, and the type is %, then the payroll calculation occurs, but if the type is $, then no calculation is performed. This allows you the flexibility to calculate a retirement amount for only certain users.