Set up payroll item for health insurance that is employer paid. QuickBooks Payroll has chosen to partner with Simply Insured to provide health benefits for small business employers. in QuickBooks Online Recording a PPP Loan and Tracking Corresponding Expenses ... employer health insurance premiums paid). Automatically when you pay employees by attaching the new payroll item to each employee record. With 1 in 12 Americans already paid through QuickBooks Payroll, adding insurance to the mix removes another barrier for owners. Additional Information. 4. Go to Screen 15, Ordinary Deductions. How to Record Payroll Health Insurance Premium Payments in Accounting. That will record the health insurance as a deductible compensation expense for your S-corp on its Form 1120S (and as taxable wage income to you, on your personal Form 1040 tax return). ; Enter/include the amount in Employee benefit programs. c. Manually by making liability adjustments. In these situations, the employer pays the insurance company the full premium amount, and then the employer is reimbursed by the employee via pre-tax payroll deductions. The PPP Loan Funds sub-account will show how much of the funds remain. Simply Insured is a national online insurance broker. Health insurance contributions by employees must be posted in a liability account. If your S-corp paid your health insurance premiums, you should include this total (annual) amount in Box 1 of your W-2 (but not Boxes 3 or 5). Using Simply Insured you can shop for medical, vision and dental insurance policies. QuickBooks Online 2019-Payroll Item Setup Health Insurance Employer paid ; The health insurance would then be part of the computation for each partner's Schedule K-1, box 1. QuickBooks Payroll Adds Health Insurance Options. one of three ways: a. 5. These amounts can be obtained from a Payroll Summary by Employee report. File Forms W-2 (box 12, code DD). b. Manually when you pay employees by entering the payroll item for each paycheck. Enter self-employed health insurance premiums paid that are not reported elsewhere in the appropriate field. For example, let's say for one employee the monthly premium is $300, split 50/50 between the employer and the employee. Whether you are a business owner with employees and are looking for small business health insurance, or are a sole proprietor seeking individual health insurance, eHealth makes it easy to find the right health plan for your cost and coverage preferences. A new service from Intuit (NASDAQ: INTU) QuickBooks is going to simplify health insurance for small business owners by making it part of its online payroll solution. This data is also recorded in the ledger. With eHealth, you can shop for health insurance that fits the needs of your LLC. payroll items are the driving components to how QuickBooks navigates the system. Record health care coverage costs per employee in .