How to do S-Corp Insurance

posted on April 16, 2015 by | Comments Off on How to do S-Corp Insurance

 

  1. Go to File→ Open Company.
  2. Choose your company.
  3. Click→ OK.Title Menu
  4. Click on the Company tab in the bottom left hand corner.
  5. Click where is says Income Categories.Company
  6. Click on the button that says ADD.Add incomeIncome Details box will appear. Here is where you can create your S-Corp Insurance.income box
  7. The title for this income should be S-Corp Owners Insurance.Title
  8. You can choose and abbreviation that you would like to use.
  9. Select the type of calculation that is used by your company for this income.
  10. For W-2 box 14 you can use the Code: (SubS-M).
  11. Make sure that the “Omit from Net Pay” is checked.
  12. 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.
  13. Click on the Ok button when finished with the new income.
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