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How to setup S Corp Owners Insurance (S-corporation medical Health insurance)

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Dear Payroll Mate team, 
 
Does your software support S Corp Owners Insurance?  How would you set this up?
 
Thanks
 
asked in Payroll Software by anonymous

1 Answer

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Yes it does. You will need to create a custom income type at the company level with the following settings:
 
1- Title: S Corp Owners Insurance
 
2- Abbreviation: Sub S Medica (or any other abbreviation you see fit).
 
3- W-2 Box 14 Abbreviation: SubS M (or any other abbreviation you see fit).
 
4- Make sure to check the Box "Omit from Net Pay". 
 
5- Typically all taxes apply to this income including Federal Income Tax and State Income Tax. Check with your state's taxation office for the taxability of Health insurance (S-corporation medical) benefits.
 
Once this custom income type is created you will need to apply it to your employee(s).
 
 

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http://www.realtaxtools.com/payrollsoftware/payroll_software.html before making the purchasing decision.

Real Business Solutions Support Team, Makers of W2 Mate and Payroll Mate

708-479-8731

 

answered by RealBusiness
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