Paycheck Setup Modification
For hourly paid people, add the option of using percentages of the gross amount for at least the following fields:
401k, 401k Match, Social Security, Medicare, Federal Tax
So you key in the Gross Amount and these fields automatically calculate the amounts based on the percentages.
Comments
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That sounds like a good idea, but I can imagine the results might be a little off due to rounding issues. Is "pretty close" good enough for you?
Also Federal tax withholding is not a straight percentage of your gross pay. It is a fixed amount plus a percentage of the amount above your bracket minimum.
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As long as the percentage option allows a manual overwrite on the individual paycheck you are entering.
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If you will be adjusting the amounts anyway, doesn't that reduce the value of the percentages?
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