How do I set up the Company match expense for IRA contributions?

Allow me to assist you in setting up the Company match expense for IRA contributions in QuickBooks Online (QBO), AlarmCompany.

The Simple IRA's default rate is 3%. When the item is added to your employee records, the rate you entered will be the default rate. Every time you run payroll, QuickBooks will use this number to calculate the contribution. We can select the Company-only plan option if you need to track a company-only contribution with no employee match. For company match, select the dropdown menu to choose how you want to calculate the amount under Company contribution. Here's how:

1. Go to Payroll, then Employees.
2. Choose your employee.
3. From Deductions & contributions, click Start or Edit.
4. Hit + Add deduction/contribution.
5. Choose Retirement Plans in the Deduction/contribution type dropdown.
6. For Type, select the applicable retirement plan. If you need to track a company-only contribution with no employee match, choose the Company-only plan.
7. Enter the name of the provider or plan in the Description (appears on the paycheck).
8. Complete the remaining fields.
9. If you have a company match, under Company contribution, select the dropdown menu to choose how you want to calculate the amount. Complete the new fields to enter the amount or percent per paycheck and annual maximum.
10. Press Save then Done.

Here's an article you can refer to for more details about setting up a retirement plan. Moreover, I’m adding these resources for your reference about IRA Deduction Limits.

Feel free to visit our Payroll page for more insights about managing your payroll transactions on the software. 

I want to make sure everything is taken care of for you, please let me know how it goes or if you have any other issues or concerns. Just leave a comment below and I'll get back to you. You have a good one.