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-funding workflow is :
- Submit payroll > Pull the Gusto Payroll Benefits report, review contribution amounts > Log into your retirement funding portal and submit the exact amount due in correct categories (salary deferral, company contribution, or company match)
If you do not know how to enter salary deferrals, company contributions or matches, contact Gusto Payroll's support team, these are common questions!
(NOTE - DO NOT enter a company match for owner only solo 401(k)s!
Company contributions are after tax profit sharing / expenses to your company and done outside of payroll! Contact your financial advisor or our team for more info)
See also How does Singletrack manage my Officer Payroll?
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