Incorrect pension contribution
Quickbooks has calculated the employer pension contribution but has calculated an incorrect amount.
The Quickbooks calculation is shown as follows:
Employer Pension Calculations
£2,617.26 Gross Pensionable Pay
£520.00 Lower Earnings Threshold
£4,189.00 Upper Earnings Threshold
£2,097.26 Employer Pensionable Earnings
3.00% Employer Rate
£43.50 Employer Pension Contribution
Clearly these calculations are correct apart from the final figure. 3% of £2,097.26 is £62.92. Why would Quickbooks get this calculation wrong? This is one of 59 employees and is the only one with an incorrect calculation.
