How do I set up a payroll item that should go in Box 12 with Code C on the W2? It is the taxable income on life insurance in excess of $50,000.00.
o I set up the payroll item for the taxable income to an employee for Life Insurance in excess of $50,000.00 that should go in Box 12 with Code C on the employees W2?
Re: How do I set up a payroll item that should go in Box 12 with Code C on the W2? It is the taxa...
Pleased to have you here, @Christy61.
I'd be delighted to help walk you through in setting up your Group-Term Life Insurance payroll item.
- Go to the Employees button.
- Choose the name of the specific employee.
- Under Pay box, click Edit button.
- Click Show all pay types link.
- Checked Group-Term Life Insurance.
- Enter the amount of the taxable income.
- Hit Ok.
That should do it! You may check out the articles below for additional insights:
Feel free to visit the Community page if you have other questions about setting up your payroll items. I'm always here to help. Wishing you continues success.