The most common usage of affect is as a verb, meaning to impact. Effect is usually a noun, meaning the result or consequence of something. However, both affect and effect have alternate meanings when used as different parts of speech.
1 Select Employee Center. 2  Double-click on the employee's name. 3  Select the Payroll Info tab. 4  Under the Earnings box in the item name columns, click in a blank area. 5  From the drop-down arrow, select your Salary Item and then enter the employees annual salary.elect Custom Setup and click Next. Select Wage, and click Next. Select Annual Salary, and click Next. Select the type of pay. Vacation Pay and Sick Pay are each specific options. All other types of pay should be entered as Regular Pay. Click Next. Enter a name for the salary item that easily identifies it.
Assuming a company offers to match all employee contributions 100 percent up to 6 percent of gross salary, an employee earning $60,000 could contribute up to $3,600 a year, or $300 a month of his pretax salary to the company 401k plan, and his employer would match it $3,600.orkers with 401ks authorize employers to take pretax dollars out of their paychecks and deposit the money into the employee savings plan, where the funds will grow tax-free until withdrawn at retirement. Employees participating in company 401k plans have the option of deciding how much they will contribute each month.