hsa company module
DESCRIPTION
HSA Company Module. Improved Health Savings Account Tracking in QuickBooks. How to Navigate this Presentation. Jump to a specific decision point slide as indicated by button title. Action Button. Advance to the next slide. Return to a previous slide. - PowerPoint PPT PresentationTRANSCRIPT
HSACOMPANY MODULE
Improved Health Savings Account Tracking in QuickBooks
How to Navigate this Presentation
ActionButton
Summary
Return to a previous slide
Advance to the next slide
Jump to the last slide of this presentation
Jump to a specific decision point slide as indicated by button title
Choose the QuickBooks Version Select the button that represents the Customer’s QuickBooks
Solution version to view detailed instructions on how to create an Employer Contribution HSA item.
Simple Start Customer
QB Pro, Premier or Enterprise
Simple StartStep 1
Simple Start Customer
Go to File, and select Toggle to Another Edition.
Your QuickBooks installation has the ability to switch to Simple Start to assist in troubleshooting customer issues. To switch to Simple Start from your QuickBooks Premier Accountant Edition 2008 or newer:
Simple StartStep 2
Simple Start Customer
Select Simple Start. Click Next Click Toggle.Your QuickBooks will now be Simple Start and you can assist the client in navigating.
Simple StartStep 3
Simple Start Customer
In Simple Start, Click the Payroll Icon from the Money Out Section on the Home Screen.
Simple StartStep 4
Simple Start Customer
Select Go to the Payroll Center to access the Payroll Center.
Simple StartStep 5
Simple Start Customer
Click the Setup and Maintain button.
Choose the View/Edit Payroll Items from the drop down menu.
Simple StartStep 5-D
Simple Start Customer
The Payroll Item List window appears.
Under the Related Activities section of the screen, click Add a payroll item.
QB1PPE
Customer
From Lists on the top menu bar, click Payroll Item List.
QB2PPE
Customer
Click the Payroll Item button and select New.
QB3SS & PPECustomer
Select Custom Setup, Click Next
QB4SS& PPECustomer
Select Company Contribution,Click Next
QB5SS & PPECustomer
Name the item,Click Next.
QB6SS & PPECustomer
Set the Liability account and Expense account,Click Next.
Click to Select the Company Tax Tracking Type
HSA Co. (Nontaxable)
HSA Co.(Taxable)
How HSA Company Taxable Contributions Affect Taxes
Tax or Report: Contribution Affect:
Federal Withholding TaxSocial SecurityMedicare
Contribution increases wages before calculating tax
FUTA Contribution increases wages before calculating tax
W-2 Contribution included in wages reported in boxes 1, 3, and 5
Contribution is reported in Box 12 with Code W
Taxable Step 1 SS & PPECustomer
Taxable
From the drop down menu, scroll down to select the Tax Tracking Type as HSA Co. (Taxable).
Taxable Step 2 SS & PPECustomer
Click Next.
Taxable
Used for company contributions to an employee’s Health Savings Account that are included in Federal taxable wages. This tax tracking type is associated with company contributions.
Taxable Step 3 SS & PPECustomer
Taxable
QuickBooks automatically selects the taxes (as indicated by check marks) that are almost always affected by this payroll item.
On the Taxes Screen, Click Next.
How HSA Company Nontaxable Contributions Affect Taxes
Tax or Report: Contribution Affect:
Federal Withholding TaxSocial SecurityMedicare
Contribution does NOT increase wages before calculating tax
FUTA Contribution does NOT increase wages before calculating tax
W-2 Contribution is NOT included in wages reported in boxes 1, 3, and 5
Contribution is reported in Box 12 with Code W
Nontaxable Step 1 SS & PPECustomer
From the drop down menu, scroll down to select the Tax Tracking Type as HSA Co. (Nontaxable).
Nontaxable
Nontaxable Step 2 SS & PPECustomer
Nontaxable
Used for company contributions to an employee’s Health Savings Account that are exempt from Federal taxable wages.
Click Next.
Nontaxable Step 3QB7C
SS & PPECustomer
Nontaxable
QuickBooks automatically selects the taxes (as indicated by check marks) that are almost always affected by this payroll item.
On the Taxes screen, click Next.
Step 4 SS & PPECustomer
On the Calculate based on quantity screen, select Neither.
Click Next.
Step 5 SS & PPECustomer
Enter a Default rate and limit, if applicable. Otherwise, leave the default rate and limit fields blank and enter the rate and annual limit in the individual employee’s Payroll & Compensation Information window.
Click Finish.
Back To Select Company Tax
Tracking Type
Back To Select QuickBooks
Version Summary
Summary A Payroll item set up with the HSA Company (Taxable or Nontaxable) Tax Tracking Type
will support employer contributions associated to an employee and will automatically flow the contribution to the employee’s Form W2 in box 12 with code W.
Additional Feature Information: For additional information on the new HSA feature/functionality, please search using
the Hive.
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