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Group term life insurance

Follow the procedure that describes your payroll item setup for tracking taxable group term life insurance.

To set up new payroll items to track group term life insurance

  1. Set up one company contribution payroll item for the nontaxable portion of the premium, which pays the first $50,000 of group term life insurance for any employee. Choose a tax tracking type of None, because this part of the premium is not reported.

  2. Set up a second company contribution payroll item for the taxable portion of the premium, which pays the excess over $50,000 of group term life insurance for an employee. Choose the Taxable Grp Trm Life tax tracking type.

  3. Use both payroll items when setting up employees who have more than $50,000 of employer-paid group term life insurance.

If you are already using a company contribution payroll item to track the taxable portion of group term life insurance

Change the tax tracking for the company contribution payroll item to Taxable Grp Trm Life.

If you are not using QuickBooks Assisted Payroll

In QuickBooks 2003, the tax tracking type Taxable Grp Trm Life reports amounts correctly on payroll tax forms you print from QuickBooks. If you previously avoided using it because it was for Assisted Payroll subscribers only, you may use it now.

KB ID# H_PAY_GROUP_TERM_LIFE
12/2/2016 11:51:06 AM
QYPPRDQBKSWS07 9138 Pro 2017 d7ca76