Company match deduction creation for cumulative match calculations
The schedule would look like this:
Percent | Match percent | Amount |
---|---|---|
0-4 | 100.00 | $500.00 |
5-8 | 50.00 | $1,000.00 |
9-15 | 25.00 | $1,500.00 |
The deduction is created in Employee Deduction (PR14.1) as shown here:
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Robin contributes 3%, which is within the first range on the schedule (between 0% and 4%). The company match deduction is created as shown in this table:
Amount or percent Balance type Balance 3.00 D $500.00 The amount or percent is calculated as 3% * 100 = 3.
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Walter contributes 7%, in second range on the schedule (between 5-8). The company match deduction is created as shown in this table:
Amount or percent Balance type Balance 5.50 D $1,000.00 The amount or percent calculates as shown here:
(4% * 100.00 = 4%) + (3% * 50 = 1.5%) = 5.50%
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Fred contributes 11%, in the third range on the schedule (between 9% and 12%). The company match deduction is created as shown in this table:
Amount or percent Balance type Balance 6.75 D $1,500.00 The amount or percent calculates as shown here:
(4% * 100.00 = 4%) + (4% * 50 = 2.00%) + (3% * 0.25 = 0.75%) = 6.75%