The total group benefit premium is 50:50 split. Employees contribution is deducted on his/her paycheck. How do I track the taxable benefit-employers contribution and for it to appear on the T4 slip(Box 14 Employment Income & Code 40 Other Information)?
Thanks contacting us on the Community, jbraun.
best way to set up a Taxable Group Benefit in QuickBooks Desktop is to set up a
Payroll Item as a Company Contribution.
Let's create the Taxable Group Benefit Payroll Item, to do this:
After the Payroll Item is created, you have to apply that to the applicable employee(s). To do this:
Once the Payroll Item is added to the applicable employee(s), it will automatically appear in the Company Summary section when you create a paycheque.By default, QuickBooks Desktop will only allow you to select one Tax Tracking box at a time. Unfortunately, you cannot select more than one at this time. You can create the item and manually calculate then change it within the T4 to whichever applicable Tax Tracking boxes.
Here on the Community, we're here to assist you with how the QuickBooks software works. Other members in the Community are welcome to respond. However if you're unsure of which Tax Tracking box or Taxes to select for the Payroll Item, my recommendation is to speak to another accounting professional such as a tax specialist, for how to handle taxes and how to address it.
Hope this helps guide you to the answers you're looking for.
All the best!Alen
I'll gladly help with this. With QuickBooks Online, you can create custom deductions in a few easy steps. Here's how:
If you're using QuickBooks Online Standard payroll:
If you're using QuickBooks Online Advanced payroll: follow the steps in this article to request a custom deduction to be added to your account.
Let me know if you have any other questions.
When I follow these instructions I can set up a contribution, but the values are not taxable. How do I edit that?