I use QuickBooks and my employer just joined a Group Insurance Plan. We will be paying the premium for all employees, but some have opted for additional coverage (family) and that will be deducted from their cheques.
In Canada some of this is taxable and some is not. I need to set up in my chart of accounts and payroll accounts for this.
In the part paid for by the employer there is a few dollars of it that is a taxable benefit, and the rest of it is not.
I will need to separate these so that the taxable amount shows up on a T4.
I will need all the accounts to set this up???
I have already set up an expense account for Health Insurance to pay the Total Group Insurance Bill out of.
Will need account for employee portion that is paid by company and how to separate taxable from untaxable.
Account to deduction optional coverage from pay cheque.
I hope someone understands what I am trying to do and say.
In Canada some of this is taxable and some is not. I need to set up in my chart of accounts and payroll accounts for this.
In the part paid for by the employer there is a few dollars of it that is a taxable benefit, and the rest of it is not.
I will need to separate these so that the taxable amount shows up on a T4.
I will need all the accounts to set this up???
I have already set up an expense account for Health Insurance to pay the Total Group Insurance Bill out of.
Will need account for employee portion that is paid by company and how to separate taxable from untaxable.
Account to deduction optional coverage from pay cheque.
I hope someone understands what I am trying to do and say.