If you have hired Singletrack to manage your officer payroll, simply reach out to us and we will handle all of this for you ***except for actually sending funds to your retirement account.
Note - you can always view salary deferrals on paystubs, or your payroll app's Contributions / Benefits report
If you're handling your own payroll, you must ensure that all funds that you submit to your 401(k)/Simple IRA match exactly what you record in your payroll app.
Failure to do so will result in penalties and interest from taxing authorities, possible amendments to payroll taxes and returns, and/or withdrawals of over-contributed funds....
The proper Employer payroll-with-retirement-0funding workflow process is :
- Enter the amount of your Salary Deferral in your payroll app in your Employee profile/settings
(NOTE - do not enter a company match for Officer/Owner Employees with "owner only/solo 401(k)s!" Company contributions are not added to payroll! Contact our team for more info) - Submit your payroll as normal
- Pull your payroll app's Contributions / Benefits report
- Log into your 401(k)/Simple IRA funding portal; submit the exact amount due per the payroll app's Contributions / Benefits report
Don't forget to utilize your payroll app's support team, these are common questions!
See also How does Singletrack manage my Officer Payroll?
Comments
0 comments
Article is closed for comments.