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Employees & Payroll

Employees & Payroll

  • 4,069 Topics
  • 6,606 Replies
4069 Topics
M
mswanson
 Employees & Payroll
Employer Health Tax (EHT) in BC

Hello,I've just made my first quarterly installment for the new Employer Health Tax (EHT) in BC. I had a plan on how I was going to manage the accounting in QuickBooks (desktop Premier), but then started second guessing myself wondering if there is a tax or payroll specific way it should be handled. There is no way for me to know with certainty the total value of the tax until the 2019 calendar year ends, as we are on the threshold of our annual payroll total potentially being between: under the $500,000 exception threshold amount where no tax is due, and $600,000 there the tax will be due on ~ $100,000 over the exemption amount. For this reason, I don't believe the EHT tax is connected to the employees pay statements as either taxable or non-taxable benefits. For this reason, I'm thinking my entries will look as follows. Installments: Dr Prepaid Employer Health Tax (asset account), Cr Bank account Tax filing at year end, with example that we have more in the pre-paid asset a

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3Saccountant
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Matthew Field
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