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In the menu, select assumptions/costs/personnel. Then select Advanced for the desired employee. Then change the "Percent Time Worked" to 50% for half time, 25% for quarter time, etc. Make sure the salary on the main personnel page is the salary for full time work.
Related Questions:
How many options will my employees be granted?
How do I add or change employees?
How do I change the salary of an employee?
How do I change the annual raise of all employees?
How do I change the annual raise of just one employee?