Employee Benifits Box 85 not matching YTD on paystub
My husband pays 60 per paycheque for employee benefits, totaling 1,560 a year. Box 85 on his T4 has an amount of 312 in it. When he asked at work about this he was told that was just the taxes payed on the 1,560. Is this correct?
Employee Benifits Box 85 not matching YTD on paystub
On the included page it states that box 85 is for Employee Paid Premiums, not employer. Also on page 16 of the attachment that I included, it states that the amount from box 85 is not to be included in box 14.
Employee Benifits Box 85 not matching YTD on paystub
It is a taxable benefit. You are paying tax on that amount...it is included in your compensation. As you are paying tax on it, it is therefore considered your money and you are paying the premiums. If you were not paying the premiums then you would not be able to claim it as part of your medical expenses.
Employee Benifits Box 85 not matching YTD on paystub
Not necessarily. If some of the amounts deducted from the paycheque were for Long Term Disability and/or life insurance, then they will not be included in box 85, as they are not eligible medical expenses.
Employee Benifits Box 85 not matching YTD on paystub
Ok I'm not really concerned about box 14. I am more concerned about the fact that the YTD benefits deducted and the amount in box 85 differ almost 1,200. Is that what long term disability and life insurance cost?
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