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Rolandos
Level 1

How to add S-corp owner's health and life insurance to wages

We have our Health Insurance direct debited out of our account each month.  Is there a way for me to just go ahead and add it to a payroll check each month?  And what accounts should I debit and credit??   It confuses me because when it hits the bank it is a Credit to Cash and I am debiting an expense account (shareholder health Ins.), but I'm thinking i could be doing it differently??

 

Thanks

Rolando's Pizza

1 Comment
Anonymous
Not applicable

How to add S-corp owner's health and life insurance to wages

Hi, Rolandos.

 

Setting up S-crop Health and Life company contributions in QuickBooks will differ from the following situations:

  • If you are a 2% shareholder and offer the same medical insurance plan to all your employees
  • If the 2% shareholders have a different plan from the other employees, or do not offer the plan to their employees at all
  • If you are a 2% shareholder and offer the same medical insurance plan to all your employees
  • If the 2% shareholders have a different plan from the other employees, or do not offer the plan to their employees at all

To get the detailed steps for each of these scenarios, please check this article: https://community.intuit.com/articles/1764524-how-to-set-up-s-corporation-medical-payroll-items.

 

Please consider on posting here again anytime you have questions or you need assistance with QuickBooks.

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