Hi all, I'm working on importing my paycheck and I'm not sure how to handle employer paid benefits. I have 3 employer paid benefits: imputed life insurance (taxable), life insurance (non-taxable), and medical insurance (non-taxable).
For the taxable imputed life insurance, I think it makes sense to have an income and an expense leg on the paycheck entry since this does count as taxable income for me and the expense was paid on my behalf. 2024-12-01 * "Hooli Paycheck" Income:Hooli:Salary -2000 USD Assets:Bank-Account 1250 USD ;; Employer Paid Benefits Income:Hooli:Imp-Life -50 USD Expenses:Hooli:Imp-Life 50 USD ;; Before Tax Deductions Expenses:Pre-Tax:Medical 50 USD Expenses:Pre-Tax:Dental 50 USD Assets:Pre-Tax:401K 100 USD Assets:Pre-Tax:HSA 100 USD ;; Taxes Expenses:Taxes:Income 250 USD Expenses:Taxes:Medicare 50 USD Expenses:Taxes:Social-Secuirty 50 USD ;; After Tax Deductions Assets:Post-Tax:ESPP 100 USD I believe the above entry is correct from a tax perspective. Income:Hooli represents Gross Income and Income:Hoolie - Expenses:Pre-Tax - Assets:Pre-Tax represents Taxable Gross Income. However, this doesn't include the remaining employer paid benefits for which I'm not liable for from a tax perspective. This has the problem of not representing the true compensation from the employer as well as underrepresenting the true cost of health insurance. My first thought was to add them in a similar way as the imputed life insurance benefit. 2024-12-01 * "Hooli Paycheck" Income:Hooli:Salary -2000 USD Assets:Bank-Account 1250 USD ;;Taxable Employer Paid Benefits Income:Hooli:Imp-Life -50 USD Expenses:Hooli:Imp-Life 50 USD ;;Non-Taxable Employer Paid Benifits Income:Hoooli:Life -50 USD Income:Hoooli:Medical -225 USD Expenses:Pre-Tax:Hooli:Life 50 USD Expenses:Pre-Tax:Hooli:Medical 225 USD ;; Before Tax Deductions Expenses:Pre-Tax:Medical 50 USD Expenses:Pre-Tax:Dental 50 USD Assets:Pre-Tax:401K 100 USD Assets:Pre-Tax:HSA 100 USD ;; Taxes Expenses:Taxes:Income 250 USD Expenses:Taxes:Medicare 50 USD Expenses:Taxes:Social-Secuirty 50 USD ;; After Tax Deductions Assets:Post-Tax:ESPP 100 USD Income:Hoolie - Expenses:Pre-Tax - Assets:Pre-Tax still represents Taxable Gross Income, but the employer paid benefits are now counted towards my Gross Income. Which I guess it is, but my W-2 doesn't usually include that in Gross or Taxable Gross. I guess I could still calculate Gross with Income:Hoolie - Expenses:Pre-Tax:Hooli to remove the non-taxable employer paid benefits, but this seems a bit off to me. I'm curious what everyone else is doing here? -- You received this message because you are subscribed to the Google Groups "Beancount" group. To unsubscribe from this group and stop receiving emails from it, send an email to beancount+unsubscr...@googlegroups.com. To view this discussion visit https://groups.google.com/d/msgid/beancount/8e20a919-b660-429d-8f9a-9b8bf7024bf2n%40googlegroups.com.
