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bloper
Level 2
posted
‎November 30, 2020 12:44 PM
last updated ‎December 16, 2020 11:14 AM

Our company pays 70% of health insurance. Am I required or is there a reason I put the 70% amount in company contributions?

 
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Best answer November 30, 2020
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FritzF
Moderator
Moderator
‎November 30, 2020 02:26 PM

Our company pays 70% of health insurance. Am I required or is there a reason I put the 70% amount in company contributions?

Welcome back to the Community, @bloper.

 

In QuickBooks Online (QBO), all company contributions need to be recorded, so it will show in Form 940, and be reported to the Internal Revenue Service (IRS). However, I suggest consulting your accountant to check if you can exclude this in the report.

 

To learn more about the descriptions of the supported pay types and deductions in QBO as well as how each impacts federal taxes and forms, check out this article: Supported pay types and deductions explained.

 

Reach out to me in the comment section below if you have any other questions or concerns. I'll be here to help. Have an amazing rest of the day!

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3 Comments 3
FritzF
Moderator
Moderator
‎November 30, 2020 02:26 PM

Our company pays 70% of health insurance. Am I required or is there a reason I put the 70% amount in company contributions?

Welcome back to the Community, @bloper.

 

In QuickBooks Online (QBO), all company contributions need to be recorded, so it will show in Form 940, and be reported to the Internal Revenue Service (IRS). However, I suggest consulting your accountant to check if you can exclude this in the report.

 

To learn more about the descriptions of the supported pay types and deductions in QBO as well as how each impacts federal taxes and forms, check out this article: Supported pay types and deductions explained.

 

Reach out to me in the comment section below if you have any other questions or concerns. I'll be here to help. Have an amazing rest of the day!

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bloper
Level 2
‎December 02, 2020 06:19 AM

Our company pays 70% of health insurance. Am I required or is there a reason I put the 70% amount in company contributions?

The link provided was also helpful. thanks

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Nick_M
QuickBooks Team
QuickBooks Team
‎December 02, 2020 07:04 AM

Our company pays 70% of health insurance. Am I required or is there a reason I put the 70% amount in company contributions?

Hi there, bloper. 

 

Thanks for dropping by the Community for assistance. I'm happy to hear that my colleague was able to assist you and provided you with a helpful link!

 

If there's anything else you need moving forward, we're never more than a few clicks away. Thanks again and have a nice afternoon. 

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