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Quicken Classic for Windows
Budgeting and Planning Tools (Windows)
employer paid benefits
System
This discussion was created from comments split from:
Employer Paid Benefits
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Rene Ostrea
More and more employers are providing "employer paid benefits" the last few years and I am surprised that Intuit had not solved for this yet.
I think Intuit should categorize "employer paid benefits" as an major enhancement to elegantly handle this in the paycheck setup and tax reporting features of Quicken so that we (the users) do not have to create an off-setting transaction which is a smart work around as suggested by J_Mike .
These "employer paid benefits" shows up in the W2 at the end of the year as taxable income but it does show up on the monthly paystub. Ideally, Quicken will just have a section in the paycheck setup wizard called...wait for it. "Employer Paid Benefits" that is then mapped to an appropriate Tax Line item in the W2 Box 12.
Sherlock
For the record, Intuit sold Quicken almost four years ago.
NotACPA
You show these benefits as Income in the paycheck transactions, offset by a equal amount Deduction ... thus resulting in no change to your net pay.
Be sure to assign appropriate tax lines to any categories that you create for this income.
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