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simple IRA calculation problems
11/6/09 6:43 AM, Viewed by asker 11/6/09 6:56 AM
Total Views: 24
Total Views: 24
WE have a simple IRA set up with a limit of $11500.00 for the year. The deduction stops calculating when it hits $6000.00. Can't find a setting that is wrong. Help!
All Replies: Answers (1)
Comments (1)
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Answer
11/6/09 6:51 AM
There are 2 places you can enter this limit, on the payroll item editing area, or on the employee's record. If you enter a limit in both places, QuickBooks will use the lower of the two. Please check the limit entered on the item set-up for the IRA, and then check the employee's edit screen on the Payroll Compensation tab.
Karen Crisp
Comment
We have the same limit set up in the payroll item edit and on the employee record. I don't know if this information was changed during the year in our company file or not. Don't know if that would make any difference or not though.