How can we setup a deduction and benefit code for health insurance. IE, employee pays 15% and employer pays 85% however, this is based on the employees specific health insurance amount. If total group policy is $10,000 per month and employee part is $1,000 per month, the health insurance deduction should be $150 for employee and $850 for employer.
Thanks
Best answer by tsnyder16
You did not indicate the pay frequency. This information is important to determine the value to be deducted each pay check.
If paid weekly, I recommend clients take the employee’s monthly rate 1000 *12 / 52 weeks to come up with the value to enter for each pay check.
If the rates are based on the category (i.e.: Employee Only, Empl. + Spouse, Empl. + Children, or Empl. + Family) and are consistent then you can set up Codes for each category with the Deduction & Benefit Calculation Method as “Flat” and enter the amount. (Your Example - Employee weekly deduction = $34.62 Employer weekly benefit = $196.15)
If the rates are unique to each employee, then setup the codes and you will have to override the Deduction and Benefit rates on the employee payroll setting screen to be unique to that employee.
You did not indicate the pay frequency. This information is important to determine the value to be deducted each pay check.
If paid weekly, I recommend clients take the employee’s monthly rate 1000 *12 / 52 weeks to come up with the value to enter for each pay check.
If the rates are based on the category (i.e.: Employee Only, Empl. + Spouse, Empl. + Children, or Empl. + Family) and are consistent then you can set up Codes for each category with the Deduction & Benefit Calculation Method as “Flat” and enter the amount. (Your Example - Employee weekly deduction = $34.62 Employer weekly benefit = $196.15)
If the rates are unique to each employee, then setup the codes and you will have to override the Deduction and Benefit rates on the employee payroll setting screen to be unique to that employee.
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