You can set up and track voluntary deductions, mandatory deductions, and company contributions.
There is no "mandatory" or "voluntary" designation when you set them up since all deductions are taken out of employee paychecks the same way.
What are voluntary deductions?
Voluntary payroll deductions are amounts that your employee pays out of their paycheck. You can set up and track deductions for:
- Medical, dental, and vision insurance (both pretax and post-tax)
- Retirement plans, including 401(k), 403(b), Simple 401(k), Simple IRA 408(p), and SAR SEP 408(k), plus the catchup provisions of each of these. Catchup allows a higher contribution limit for employees aged 50 and over.
- Flexible spending accounts (FSA), including dependent care FSA and medical expense FSA
- Cash advance repayments
- Loan repayments
What are mandatory deductions?
What are contributions?