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NadineG
January 12, 2021
Question

How to set up the taxable Life Ins. & AD&D?

  • January 12, 2021
  • 1 reply
  • 0 views

Currently I have set up the taxable benefits as a taxable reimbursement, which is putting the amounts to the correct T4 box but it is adding the amounts of the life ins. & ad&d to the employees pay cheque's.
Do I need to set up an additional deduction (in addition to the employees portion (50%) medical/dental benefits already being deducted)?

1 reply

J
JamesM
January 12, 2021

Hello Nadine, 

 

QuickBooks is a powerful program which simplifies the way you handle your accounting. I'll be happy to steer you towards the right path with this so you can confidently record your transactions. 

 

Recording transactions the right way is a good method for preventing errors in your books. To ensure accuracy, I recommend reaching out to your accountant for expert advice. If you're not in contact with one, I encourage you to search for one on our website using this link here. Otherwise, I recommend checking out this helpful article which shows you how to: Set up and add deductions and contributions to an employee's payroll.

 

Feel free to reach out if you have other questions. I'm here to help.  

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