Taxable and Non taxable benefits

Posted by f.sauve on August 4, 2007, 10:31 am

Please log in for more thread options

I am new to Peachtree and am trying to setup taxable and non taxable
benefits. The only way that I can get a paycheck to add the taxable
or
non taxable benefit to the gross income to be calculated for Income
tax
is by creating the benefit as a memo field in the default EmployEE
fields. The problem is that this transaction does not show up in the
General Ledger.
I have tried to do this by creating a Field with a GL account in the
default EmployEE section but then it adds the benefit to the
employee's paycheck. How do I get the benefit to be added to the
Gross
for calculation of Income tax but not actually have the benefit added
to the employee's pay and still have it go to the GL account for
payment to the benefit provider ie. Dental benefits?

Posted by steve_gts on August 6, 2007, 6:31 am

Please log in for more thread options

In the UK Sage (Peachtree inj the US) have a specific product called P11D
for doing all your taxible benefits and returns, I would have a chat with
your local supplier and see what they suggest, it's just a cheap product
but could save you a lot of time and effort doing the calculations
yourself.

Steve

[url=http://www.ledgerservices.co.uk]Sage Software UK[/url] |
[url=http://www.asalesforum.com]Sales Forum[/url] |
[url=http://www.sagepeople.co.uk]UK Recruitment[/url]
-------------------------------------
f.sauve@hotmail.com wrote:

> I am new to Peachtree and am trying to setup taxable and non taxable

> benefits. The only way that I can get a paycheck to add the taxable

> or

> non taxable benefit to the gross income to be calculated for Income

> tax

> is by creating the benefit as a memo field in the default EmployEE

> fields. The problem is that this transaction does not show up in the

> General Ledger.

> I have tried to do this by creating a Field with a GL account in the

> default EmployEE section but then it adds the benefit to the

> employee's paycheck. How do I get the benefit to be added to the

> Gross

> for calculation of Income tax but not actually have the benefit added

> to the employee's pay and still have it go to the GL account for

> payment to the benefit provider ie. Dental benefits?

##-----------------------------------------------##
Delivered via
News and Discussions Community of the Net
Web and RSS access to your favorite newsgroup -
alt.comp.software.financial.peachtree - 451 messages and counting!
##-----------------------------------------------##

Posted by Diane Koers on August 17, 2007, 1:54 pm

Please log in for more thread options

Are you talking about a 401K or Cafeteria plan type benefit? If so, in the
Maintain>Default Information>EmployEEs tab. Click the Federal Income tax
field and then click the Adjust button. In the Use column, click the
checkbox next to K401 or whatever you called the benefit plan. You also
should have the Gross checked. You'll need to do that for each tax that is
exempt from the benefit.

HTH

--
Diane Koers
Peachtree certified consultant
www.thepeachtreelady.com
Co-author Peachtree for Dummies

>I am new to Peachtree and am trying to setup taxable and non taxable

> benefits. The only way that I can get a paycheck to add the taxable

> or

> non taxable benefit to the gross income to be calculated for Income

> tax

> is by creating the benefit as a memo field in the default EmployEE

> fields. The problem is that this transaction does not show up in the

> General Ledger.

> I have tried to do this by creating a Field with a GL account in the

> default EmployEE section but then it adds the benefit to the

> employee's paycheck. How do I get the benefit to be added to the

> Gross

> for calculation of Income tax but not actually have the benefit added

> to the employee's pay and still have it go to the GL account for

> payment to the benefit provider ie. Dental benefits?

Taxable and Non taxable benefits - PT 2008