Today we are going to show you how to update your accounting records to make the necessary changes to report the health care costs on your W-2s. First, open up Pro Fund Accounting. Click on Payroll, then Payroll Constants, and select Deduction Types. Next, find the deduction code for your health care. Click Edit, clear out the W-2 info, and then change the text code from 14 to Dee Dee. Now, go to the Prey Merge Titles and Parameter 5. Type CMP space AMT. This stands for the company amount. Then click Save and done. Next, we need to reflect the new deduction code requirements in employee maintenance risk. Go to Payroll Employee Maintenance, click on the employee, and then click on the Deductions tab. Find the deduction code that you set up earlier, which was M. To catch up the year and reflect the amounts paid on the employee's behalf for the payrolls already paid during 2013, click Edit. Enter the total year-to-date healthcare paid by the employer for this particular employee in the CMP AMT. In this case, we are going to use $3,000 for the three months of 2013. Click Save. You will need to do this for every employee with the same deduction code. Now, after your payroll is finished, go back into this deduction code and enter the normal amount paid on the employee's behalf by the employer in the CMP AMT. Again, click Edit. In this case, we're going to use $350. Click Save. If the employee's status changes during the year, simply change the amount in this field from $350 to the new amount the employer pays. After that, you're all set.
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W-2 box 12 codes dd Form: What You Should Know
See Boxes 12a, 12b, 12c, and 12d and the instructions for your Form W-2. The code is a value of the cost of your employer-sponsored health coverage plan. The amount is the cost of the qualified health coverage paid by the employer in a given year. In the past, the codes included all qualified premiums paid by your employer.
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