Voluntary Group Life Insurance Set up

You can choose the custom setup option to set up your Voluntary Group Life Insurance, @Jennifer10629. Let me guide you through the process and provide insights on selecting the appropriate tracking type.

To begin with, you can select the Taxable Group-Term Life as the tax tracking type, which is utilized for the taxable portion of premiums exceeding $50,000 of Group-Term Life Insurance (GTLI) for an employee. However, I suggest consulting with your accountant to ensure accuracy and to accommodate your company's specific preferences.

Here's how to set it up:

1. Launch QuickBooks Desktop and navigate to the Lists menu.
2. Choose Payroll Setup and then click on New to create a new deduction under the Payroll Item dropdown.
3. Select Custom Setup and proceed by clicking Next. 
   
4. Select Company Contribution and click Next. Then, name the deduction Voluntary Life Insurance or something similar for easy identification, and click Next.
5. If applicable, select the plan administrator's name (or add it) and enter the account number, then click Next.
6. In the Tax Tracking Type, select Taxable Grp Trm Life or consult your accountant for the most suitable category, then click Next.
7. Make sure the Taxes section is correctly configured to include the deduction in taxable wages for both federal and state tax purposes.
8. Review the calculation based on quantity and click Next. Then, review the rate and limit and click Next twice. 
9. Finally, click Finish to save the setup.

For your reference, you can check this article: Set up and report Group-Term Life Insurance (GTLI).

I'll include this article to provide more information on how to add deductions that your employees need to pay each payday: Set, change, or delete employee-paid payroll deductions.

Additionally, you can refer to this article for guidance on processing both scheduled and unscheduled payroll for your employees. It will assist you in adding the GTLI item and amount to the payroll items, ensuring that the deduction is accurately applied: Create and run your payroll.

I'm here to assist you with any questions regarding setting up your Voluntary Life Insurance deductions or managing your payroll item lists in QuickBooks. Just utilize the comment section for a quick reply.