Day: December 17, 2012
With the year-ending 2012, many employers will be required to report the cost of each employee’s coverage under an employer-sponsored group health plan on the employee’s W-2. To Include this information into payroll in Microsoft Dynamics GP is to set up corresponding benefits as follows: the benefit should be set up as not subject to any taxes as it is not included in taxable income, and it should be set up to print in W-2 Box 12, with W-2 Label ‘DD’, as pictured below:
With the new year around the corner and tax season on the way it is important to start getting everything set to close out the year. We at KTL know how much goes into this and have developed a checklist to help you move efficiently through the steps to close out the year the easiest way possible.