We upgraded from QB2003 to QB2006. We use the QuickBooks basic payroll service subscription and everything is set for automatic updates.
In the QB2003 version, the amount of money the company paid into each employee's SEP Plan did not appear anywhere on the pay stub (either because it couldn't be done or because we didn't know how to make it appear).
In QB2006, the amount that the company pays into each employee's SEP Plan does appear on the employee's pay stub. But it shows up under the heading "Taxable Company Items" and then shows the current amount and the year-to-date amount.
Isn't the "Taxable Company Items" heading a mistake because the SEP Plan contributions are not taxable to the company and they are not taxable income to the employee? Although I don't think it makes any difference, we are a tax exempt nonprofit corporation (with 5 employees).
Assuming the "Taxable Company Items" heading is incorrect, is there a way for us to correct that on the pay stubs? We think we entered everything correctly when setting up the SEP Plan in the QuickBooks payroll program, but maybe there's something somewhere that we did wrong.
Thanks.