In this presentation, we will add a payroll item into QuickBooks. This payroll item is related to a 401k or retirement benefit. Adding this item will add a level of complexity that we will then use as we process payroll within QuickBooks. For more accounting information and accounting courses, please visit our website at accountinginstruction.info. To begin, we need to open the open windows list. To do this, go to the view drop-down and select the open windows list. It's important to note that we are currently using the paid version of QuickBooks. If you are using the manual version, you may want to enter these types of items by going through the interview process again. This can be done by going to the employees tab and then accessing the payroll setup. This interview process will provide a questionnaire format, which may not be available in the manual version when going straight to lists. In the paid version, go to the lists drop-down and select the payroll item list. This list consists of the Federal items that drive payroll processing. We will be adding a payroll item related to the 401k plan, which will add complexity to our payroll processing. To do this, go to the payroll items drop-down and select "Add New". This will initiate the interview process. We will choose the easy setup option provided by QuickBooks, as it will guide us through the process. We are setting up a retirement or benefit plan, specifically the 401k plan. Next, we need to specify the vendor for the 401k plan. This is the entity we would pay in order to set up our 401k for the investments we would have. For demonstration purposes, we will use a mock vendor for the 401k. There is no need to set up a regular payment...
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This can be a SIMPLE IRA, an IRA, a SIMPLE 401(k), or another type of SIMPLE Retirement Plan. Form 8606, SIMPLE IRA Distributions — Vanguard Investment Advisory Services SIMPLE IRA Plans — Form 8606 (Download PDF) A SIMPLE IRA plan, often called an IRAs, is a type of retirement plan which permits retirement savings and investment account contributions made from pre-tax dollars, and pre-tax withdrawals. IRA contributions, distributions, and earnings are tax-free SIMPLE Funds — Fidelity Investments The Simplified Employee Pension Fund (SEP) is a tax-advantaged retirement plan designed to make it simpler and more cost-effective for employees to save for retirement. SEP funds can also be used to provide employer contribution benefits, including 401(k) Matching Contributions, after-tax IRAs, retirement plans, health savings accounts, and other types of SIMPLE Retirement Plans — Primarily This form is from the Small Business Administration to establish a SIMPLE IRA to be available to an employee who is aged under 50 years. This type of SIMPLE IRA Plan is for employees of small businesses, who will otherwise not be able to contribute to any SIMPLE IRA plan. It uses the IRS-designated account type, SIMPLE account. SIMPLE IRA Plan — Fidelity Investments SIMPLE IRA Plan — Fidelity Investments Qualified SIMPLE IRA — U.S. Small Business Administration SIMPLE IRA Plan — BlackRock SIMPLE IRAs for Employees of Small Employers (SIMPLE) — IRS Qualified SIMPLE IRA Plan — Employee Benefit Plans Institute These plans typically offer a simplified method of obtaining retirement savings. Their advantages are that you can make tax-deced simplified contributions and that, in general, tax rates are lower than if you were to contribute to a traditional IRA. The only issue is that the employee must remain in the plan until he or she reaches full retirement age, which is the age at which you may take benefits from the plan. The other significant advantage of a qualified SIMPLE IRA is that you may use the funds received in the plan for qualified distributions from retirement accounts like 401(k), 403(b), and  IRA retirement accounts.
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