Company match deduction creation for Fixed match calculation
The schedule would look like this:
| Percent | Match percent | Amount |
|---|---|---|
| 0-4 | 50.00* | $500.00 |
| 5-10 | 25.00* | $1,000.00 |
* This field can be defined as 50% or 5% depending upon the Calculation Type on the deduction in Deduction (PR05.1). See Define benefit contributions.
The deduction is created in Employee Deduction (PR14.1) as shown here:
Niki 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 |
|---|---|---|
| 50.00 | D | $500.00 |
Mike contributes 7%, which is within the second range on the schedule (between 5% and 10%). The company match deduction is created as shown in this table:
| Amount or percent | Bal. type | Balance |
|---|---|---|
| 25.00 | D | $1,000.00 |