Hi all,
Was wondering how 401K imputed in paystatement. What I meant, is benefits such as this how it is calculated for both Deduction and Contribution for Semi-Month Pay cycle.
E.g. I have Employee A whose gross salaries for semi month pay cycle is 1/1/2014 - 15/1/2014 is $2,500.00 and subsequently is 16/1/2014 - 31/1/2014.
However, we wanted the benefits to be calculated on the second half month rather separate into two semi-month pay cycle. The rate should be deduction 11% against gross earnings and contribution 12% against gross earnings. In this instance his pay statement should looks like this
1. Pay Statement 1/1/2014 - 15/1/2014 - Net Payment is $2,500.00
2. Pay Statement 16/1/2014 - 31/1/2014 - Net Payment is $2,500 - $550 ($2500+$2500) x 11%) where contribution is also ($2500+$2500) x 12% which should arrive ($2,500 - $550) and $600
Pleas let me know how it is setup (if any).
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