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Weekly QuickBooks Tip 6: Payroll Items

by Michelle Ferdinandi

When setting up certain payroll items, a default rate (dollar or percentage) can be set along with a global limit for all employees.

The default rate can be changed when setting up a particular employee, and a different limit can be specified but it cannot be higher than the global limit. This could be useful in tracking employee loans. For example, you could loan an employee 10% of his or her wages per paycheck up to a one time, monthly, or annual limit. You can also specify whether to calculate the percentage based on gross or net wages.