Simple IRA with Paywindow

[PeteBrightbill]

I wonder if anybody has used Paywindow to offer a retirement benefit. I am considering providing employees an option for a Simple IRA....but any other plan (401K) would be similar if employer matched funds. I see that I can use Deduction 1 in the Company settings to deduct a percentage of gross wages. Theoretically, a qualified employee could opt to withhold anywhere from 1% to 50% of wages but only up to the 1st 3 percent is matched. My issue is making it simple for me every pay period to transfer the correct amount to the investment firm that will be managing the funds. To cut out all the clutter of the employee reports....I have created a custom report that will show me the employees name and IRAdeductions. I am assuming that I have to manually compute the employer matching funds which could be variable....up to a maximum of 3%. I would then also need to manually accumulate each pay periods matching funds.....As this is a valid business deduction. Any ideas to make this as painless as possible?

[Paul Mayer]

What you described is the simplest. See this Tutorial on setting up as one is a 401K Plan in the example:

https://zpay.com/PayWindowTutorials/SetupAndUseDeductions/index.html

[LTCG]

Thank you, for having this response with the link. It really helped me make sure everything was deducted correctly and appeared correctly on the w-2s. (I had to add the PFMLA for Massachusetts.)

[Paul Mayer]

Thank you, for having this response with the link. It really helped me make sure everything was deducted correctly and appeared correctly on the w-2s. (I had to add the PFMLA for Massachusetts.)

We just added the ability to have 6 characters to handle the MAPFML (note the spelling) Code in box 14:

https://zpay.com/vbulletin/showthread.php?4700-PayWindow-2020-Build-18-0-4