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Oly2
Level 1

Why my amount in Box 14 on the T4 is less than Box 24 Insurable earnings?

Why my amount in Box 14 on the T4 is less than Box 24 Insurable earnings? How is this possible? I bumped into a T4 where Insurable earnings are shown in a higher amount than Income. Same thing with Pensionable earnings. I cant figure it out why. Did somebody experience similar problems? Thanks 

3 Comments 3
LauraAB
QuickBooks Team

Why my amount in Box 14 on the T4 is less than Box 24 Insurable earnings?

Hello Oly2,

 

Welcome to the QuickBooks Community. I know T4 forms can be a bit tricky to make sense of sometimes and I want to make sure you get the answers you need for why certain boxes are calculating the way they are. I'll point you in the right direction.

 

When it comes to filling out T4s and assessing the calculated figures, there can sometimes be differences where Box 24: Insurable Earnings can be less than the Box 14 figure for Employment Income. That's because not all income types are insurable. However, it's odd for insurable and pensionable earnings to be higher than the income earned. Because of that, I suggest you revisit the setup for each of your payroll items to make sure they're configured correctly. Here's how.

  1. Select Lists from the top menu.
  2. Choose Payroll Item List.
  3. Double-click an item to open it for review and edits.

The next step is to call into QuickBooks Desktop support to go over this in more detail with an agent to make sure there isn't an issue with how the program is making these calculations. The Intuit QuickBooks Desktop software support policies page has all the details you need for getting in touch.

 

For your reference, here are some helpful articles from the CRA website.

Have a great rest of your day!

kristaatsl
Level 2

Why my amount in Box 14 on the T4 is less than Box 24 Insurable earnings?

LauraAB, 

 

I am having the same issue... did you ever find out why?   

 

Krista 

Rebecca R
QuickBooks Team

Why my amount in Box 14 on the T4 is less than Box 24 Insurable earnings?

Hi there Krista,

 

I noticed that you've started another thread on this topic, so I took the liberty to reply over there. Please check out my response to that post to learn more and evaluate your next steps.

 

Take care!

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