Lesson 3.8 Activity
- Navigate to Adjustments: Log into FastFund, go to Lists in the main menu, and select Master Adjustments under the Data section.
- Draft a New Deduction: Click the New + icon. Create a test deduction called “Employee Pension Match.” Set the Type to Deduction, the Basis to Percentage, and enter “2.000” in the Percentage field. Set an annual Limit of $5,000.
- Explore W-2 and Tax Settings: Click the W2 Reporting drop-down and locate the appropriate Box 12 code for a retirement plan. Then, look at the Tax Exemptions grid to see where you would mark the deduction as pre-tax. Click Cancel to exit without saving.