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Retirement tax questions
Our Quickbooks may be incorrect regarding the item list on the payroll setup. Our CalPERS pretax deduction is listed as "Other" as far as the drop-down menu where it would be listed on the W-2. I think it should be in box 12 therefore, it should not be listed as "other" since we as EE, pay into it as a pre-tax deduction. I would think having it incorrect would affect our taxable wages. I am new to QB, and this was already set up when I started this job. We are a small department (4), so I do the payroll. It was brought to my attention from one of our EE CPAs that our pre-tax CalPERS PEPRA contribution should not be in the "Other" box 14 on the W-2. When I looked into it, none of the listed items seemed to match our retirement. PEPRA is not technically 401 K, Simple IRA., Roth, 457 or 501. So I was unsure where our CalPERS would fit if I removed it from "other".