Thank you for reaching out about the S-Corp medical premium contributions in QuickBooks Online Payroll, dcormier1122. We understand the importance of accurately reporting payroll information on tax forms like the 941 and 940.
Fringe benefits are reported on Forms 940, 941, and W-2. For S-Corporation Owners Health Insurance (S-Corp) provided to 2% of shareholders is added to Line 2 Wages, tips, and other compensation on Form 941. Additionally, fringe benefits are also indicated in Form 940 under Payments exempt from FUTA tax. To clarify how fringe benefit is reported across different tax documents, I'll list the following information:
- Form 941: Box 2
- Form 940: Boxes 3, 4, and 4a (checked)
- Form W-2: Box 1 and the amount in Box 14 with the label “S CORP OWNER”
If everything is configured accurately, fringe benefits should also be reported on Form 941. However, due to the complexities involved, I highly recommend consulting an accountant or tax professional. They can review your situation and provide tailored advice to ensure accurate reporting of fringe benefits and compliance with all tax requirements.
As always, I'm committed to providing accurate and reliable payroll and tax reporting solutions, dcormier1122. If you have any payroll-related queries, comment below. Our dedicated team is readily available to provide assistance and support whenever needed. I am dedicated to providing the resources and guidance to ensure a smooth payroll experience for all QuickBooks users, promoting employee productivity across various industries.
