Use these fields to create a deductions code record.
1. Deduction Code
Specify the deduction code (up to 4 characters).
2. Description
Specify the description of this code (up to 15 characters).
3. Deduction Type
Specify whether the deduction is a T-tax or O-other type of deduction. Press Enter to initially default to T.
4. Tax Type
If you specified O in field #3, this entry is skipped. Specify whether the tax type is X-FICA, F-federal, S-state, L-local, 1-miscellaneous (user-defined) or 2-miscellaneous (user-defined).
5. Work To Balance
If you specified T in field #3, this field is skipped. Specify N or Y to indicate if this deduction should be taken from an employee until it totals the balance specified through the Employee Deduction Balance F/M (i.e., for loans, advances, etc.). Press Enter to initially default to N.
6. Calculate On Gross/Net
If you specified T in field #3, this field is skipped and automatically set to G. Specify whether to use the G-gross or N-net as the basis for the deduction calculation. Press Enter to initially default to G.
7. Employer Matching
Specify N or Y to indicate if the employer matches the deduction; i.e., FICA tax requires the employer to match the deduction. Another example of employer matching is 401K. Press Enter to initially default to N and the remaining fields are skipped.
8. Max Comp Contribution/Yr
Specify the maximum amount (0-999999.99) or percent (0-99.99%) an employer can contribute per year. Include the percent sign, %, to specify a percentage.
9. Max Empl Contribution/Yr
Specify the maximum amount (0-999999.99) or percent (0-99.99%) an employee can contribute per year. Include the percent sign, %, to specify a percentage.