How do I account for a taxable benefit in the paycheck wizard?

Gern Blankston

I have a Taxable Benefit (Group Term Life) on my paystub. It is neither a pre-tax nor post-tax deduction, and if I enter is as an income category, it throws off the net pay deposit. How do I account for it in the wizard?

[Deleted User]

@Gern Blankston - Group term life insurance is referred to as a non-cash earning on your paystub.  You would need to create an "offset" category with a negative amount that offsets the amount of the GTL.  The GTL category on Quicken would be considered income.  The offset would be an after-tax adjustment or offset.  You can name your categories anything you want, but here is an example.

category - Group Term Life Ins.
offset category - Group Term Life Ins. - Offset.

Gern Blankston

Sweet! Thanks for the help

NotACPA

@Gern Blankston double check with your payroll dept to see if that GTL income is taxable.  before my wife retired, her's was and I used the same Tax Line as I used for her salary.