How To Setup Health Insurance Contributions And Deductions In QuickBooks Payroll?
Easing the payroll activities to their maximum levels, QuickBooks Payroll comes with a bundled features for all businesses of all sizes. Within the least of time, you can effectively exercise a lot of tasks without costing much effort and time.
One such time-consuming task is setting up the health insurance contributions and deductions in QuickBooks Payroll. This article will guide you with detailed steps on how to set up the health insurance contributions and deductions in QuickBooks Payroll.
What are Health Insurance Contributions and Deductions in QuickBooks Payroll?
On QuickBooks Payroll, you will be able to set up health contributions along with their deductions to your employees’ payroll. To do this, you would be needing to first set it up on your payroll after you have sent them the paychecks. Once you have added them to the payroll, you need to start adding each contribution and deduction to your employee’s paycheck.
While adding, you can choose what health insurance benefits you would be willing to offer to your employees via QuickBooks Payroll. There are multiple choices of national insurance from which your employees can choose from and has multiple plans or schemes that suits your employees’ interests.
For setting up deductions in QuickBooks Payroll and pay for the insurance plan automatically for your employees, you need to hover over the Paycheck section.
Scroll further to learn more about how to set up the health insurance contributions and deductions in QuickBooks Payroll.
Why do you need to Set up Health Insurance Contributions and Deductions in QuickBooks Payroll?
When asked why do you need to set up health insurance contributions and deductions in QuickBooks Payroll, there are very distinctive two major reasons that surface; the first one has already been subtly mentioned above which is primarily saving time, efforts and costs.
Setting up health insurance contributions and deductions in QuickBooks Payroll can be a time-consuming task, and thus in a business, you cannot afford to invest so much time into manual processes and need robust software to get the job done in the least time.
Thus, QuickBooks Payroll software can be considered as one such tool to make this happen. Apart from saving cost, time and standing out as a robust software, setting up health insurance contributions and deductions in QuickBooks Payroll also helps you in administering and tracking benefits which it has to offer beyond the plan.
How to Setup Health Insurance In QuickBooks Payroll?
To get started with setting up health insurance contributions and deductions in QuickBooks Payroll, here are the steps mentioned below for the same:
Step 1: Open QuickBooks Payroll and find Employees which is located on the left side of the window
Step 2: Choose the respective employee for whom you are making the contributions and tap on Edit
Step 3: Go to a new window and choose the option that claims, ‘Does this employee have any deductions?‘
Step 4: Click on the pencil icon or Add a new Deduction
Step 5: Under the drop-down of Deduction / Contribution, choose either Deduction or Contribution as per your preference
Step 6: Tap on Health Insurance which you will find from the drop-down of Deduction / Contribution
Step 7: Choose:
- Vision Insurance
- Medical Insurance
- Dental Insurance
Step 8: Provide a label that must contain the name and description of the respective Health Insurance plan which has been opted for
Step 9: Under Amount per Pay Period, tap on $ amount/per cent of the total of gross pay along with in the next step the actual amount/percentage that needs to be contributed. You can wish to edit the amount at the time of generation of the paycheck thereby further mentioning the actual annual amount of deduction which the employee can choose for or the company is willing to contribute.
Got a lot easier on setting up the health insurance contributions and deductions in QuickBooks Payroll? This article was to make sure it does!
Try out setting up the health insurance contributions and deductions in QuickBooks Payroll and let the entire process gets simplified for you.
Further to this, if you still have doubts or feel you are facing difficulties in setting up the health insurance contributions and deductions in QuickBooks Payroll, reach out to the experts who are here to help you with their proficient assistance.
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Can I still add Benefit if the Employee is Entitled to Additional Pay like Housing, Bonuses or Commissions, Per Diem?
Yes. If your employees are entitled to additional pay, here’s what you must be doing for the steps that are involved in this:
Tap on Payroll and choose Select Employee
Visit Add Pay Types
Browse to Common Pay Types
Press on pay type if the list already exists
In case the list does not exist, you need to create one.
Does Group Term Life Insurance comes under Additional Pay Types?
Yes. Group Term Life Insurance comes under Additional Pay Types in QuickBooks Payroll.
Are there any Specific Types of Health Insurance Plans and Premium Available in QuickBooks Payroll?
Yes. There are two types of health insurance plans and premium available in QuickBooks Payroll:
Pre-Tax Insurance Premium
Taxable Insurance Premium
Can I apply a Credit to my Employees for Sick Leave Sanctioned Because of COVID-19?
Yes. Now, you can apply a credit to your employees for sick leave which has been sanctioned because of COVID-19. To do this, visit Families First Corona virus Response Act under Add Pay Types.