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Frequent Explorer **

What is the correct method for recording taxable benefits?

Hi

I'm struggling to find any information on setting up taxable benefits for employees in QuickBooks online. I'm assuming it comes under 'Payroll Liabilities' but I'm not sure.

 

Is that right? And if so, is it simply a case of setting up a new sub-category under Payroll Liabilities?

 

Many thanks in advance

Solved
Best answer 03-27-2019

Accepted Solutions
QuickBooks Team

Re: What is the correct method for recording taxable benefits?

Hello Ray,

 

This would probably be a payroll liability account, in which case you could set up a sub account of this - however we do have to ask for you to speak to an accountant. As we are not accountant trained, we are unfortunately unable to tell you for certain which account to use.

 

Thanks,

 

Talia

6 REPLIES 6
Frequent Explorer **

Re: What is the correct method for recording taxable benefits?

 

 

QuickBooks Team

Re: What is the correct method for recording taxable benefits?

Hello RayW,

 

Could you confirm whether you are using QuickBooks Payroll or PaySuite?

 

Thanks,

 

Talia

Frequent Explorer **

Re: What is the correct method for recording taxable benefits?

Quickbooks Payroll

 

QuickBooks Team

Re: What is the correct method for recording taxable benefits?

Hello Ray,

 

To confirm, are you referring tax your employees pay on company benefits? Or one off benefits that are taxable?

 

Thanks,

 

Talia

Frequent Explorer **

Re: What is the correct method for recording taxable benefits?

The benefit in question is health insurance. I've set up an additional pay category on the employee files but I need to know how to record the payment so that it shows up in the right place on the balance sheet & profit and loss report.

 

QuickBooks Team

Re: What is the correct method for recording taxable benefits?

Hello Ray,

 

This would probably be a payroll liability account, in which case you could set up a sub account of this - however we do have to ask for you to speak to an accountant. As we are not accountant trained, we are unfortunately unable to tell you for certain which account to use.

 

Thanks,

 

Talia