In reference to a S corp. The company has five employes thta medical premiums are paid. This has to done in the payroll system and orginally stated in box 14. How is this accomplished, meaning are their taxes removed etc.
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Box 14
Box 14 is only for information purposes only. It has no impact on any of the other numbers reported on Form W-2, and it has no impact on the employee's tax return.
The employer is supposed to report the employer's cost of health coverage for the employee. This amount is already excluded from the employee's income.
This is an Obama/Opacity thing...
I mean, translucency...
Or... translunacy... No, not that either...
Transparency. That's it.
Employers who file less than 250 forms W-2 are exempt from this reporting requirement for 2011 and 2012.
See IRS Notice 2011-28.
BMKBurton M. Koss
koss@usakoss.net
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The map is not the territory...
and the instruction book is not the process. -
How about "translarceny" ?"The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Does your client qualify for the nifty Small Employer Health Insurance Premium tax credit??
See instructions for form 8941:
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