Setting Up Employee Health Insurance in QuickBooksby Manoj Singh rathore Digital Marketing Head and Founder
QuickBooks' Payroll Setup tool does an excellent job of walking you through each of the myriad details that have to be entered in order to perform exact payroll runs and submit your payroll taxes.
But it's critical that the information that you provide is right, and input in the right places. If you are already doing payroll using any other process, you need to be fine.
Health insurance is a intricate topic, but there are really just a couple of questions that you want to reply in the QuickBooks setup wizard. To get there, start the Staff menu and then choose Payroll Setup. Insurance Benefits in the menu which appears.
You will want to know QuickBooks' approach to setting up worker benefits by using the Payroll Setup wizard.
Click on the box adjacent to Health insurance, then click Next. In the window which opens, click on the button next to the statement which best describes who pays for employee health insurance. Here are the choices:
Provider pays all
Worker pays all, or
Worker and business each cover a portion.
If workers are expected to pay into their health insurance benefit, you will want to indicate whether this deduction happens before or after taxation. This will be dependent on whether your strategy falls under Section 125 of the IRS code. If it does, then you can choose Payment is deducted BEFORE taxes. Otherwise, click on the button next to the post-tax deduction option. Click Next.
Today you are going to need to inform QuickBooks who your provider is, exactly what your account number is and if you cover your financial obligation to the provider quickbooks support. You can do this on this display:
Who is the health insurance provider, and if would you submit your obligations? Inform QuickBooks here. This worker benefit record will now appear in the list of Insurance Benefits. QuickBooks maintains a running tally of each one of these items so that you've got accurate year-to-date information on every employee.
So that you might also prepare the health insurance deduction by simply clicking on the Items list and selecting Payroll Item List. In the window which opens, click on the down arrow next to Payroll Item and choose New. In the following window, click on the button next to EZ Setup and then Next.
After you click Next, the Payroll Setup wizard opens, and then you'll be able to proceed as explained previously. In another article, we will explain how to enter the amount to deduct.
Created on Oct 29th 2017 02:21. Viewed 139 times.
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