Manual & Voided Checks for W2’s

Manual & Voided Checks for W2’s

If your company issued Accounts Payable or other manual payments to employees which have not been accounted for through the PlanSource HCM system, these wages and all associated taxes MUST be processed by the final payroll of the year in order to be included on the employer issued Form W-2. Checks processed after...

W2 Box 12DD Health Benefit Reporting for ACA

A requirement of the Affordable Health Care Act is to report the combined cost of applicable health insurance coverage. The amount reported in Box 12 DD is not taxable, and used to provide employees with information on the cost of their health care coverage. This reporting is mandated to any employer with 50...

Employer Paid S-Corp Owner Benefits

Health insurance premiums paid by the corporation for owners with at least 2% ownership in an S-Corp where an employee “non-discriminatory” medical plan is offered is taxable and reportable, thus the employer paid contribution is Social Security, Medicare and FUTA exempt but taxable for federal, state and local purposes. www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Compensation-and-Medical-Insurance-Issues To Process S-Corp...