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

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?

Comments

  • @Gern BlankstonGroup 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.


  • Sweet! Thanks for the help
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    @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.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

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