Payroll Mate® Software Tutorials

This tutorial shows how to set up a Simple IRA Deduction inside Payroll Mate® software.

SIMPLE IRA plan account is an IRA that follows the same investment, distribution
and rollover rules as traditional IRAs.
https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-simple-ira-plans 

Summary of Steps

This is just a summary; please click “Download Tutorial” for detailed instructions with screenshots.

Employee Deduction

• Click → Company from shortcuts
• Click → Deduction Categories
• Click → Add
• Enter Title, Abbreviation, Select Calculation (Percentage is the general method) and Paid by
• Enter default rate for each quarter (fields cannot be blank) and Cutoff as applicable
• Checkmark the W2 Options as applicable
• Click Exemptions and checkmark Federal Income Tax
• Click → OK

Employer Deduction

• Click → Add
• Enter Title, Abbreviation, Select Calculation (Percentage is the general method) and Paid by
• Enter Default rates (can modify at employee level) and Cutoff as applicable
• Do not checkmark taxes under Exemptions
• Click → OK

You will apply the Simple IRA deduction(s) to each employee as needed

• Click → Employees from shortcuts
• Select the employee to edit
• Click → Edit
• The Modify Employee Wizard will open, Click → Next until you reach the Tax Setup page
• Checkmark Retirement Plan under W2 Options
• Click → Next until you reach the Deductions page
• Checkmark the new deduction(s) that need to be applied to this employee
• Click → Next until you reach the end of the wizard
• Click → Finish