When I started here recently the payroll was already set up however on inspection I am wondering if some of it is right. I am not a payroll expert so I am unsure about the way the benefits and deductions are coming off.
Here is how the benefits are set up and I am not sure if they are correct:
MSP (BC health care) is paid half by the company and half by employee (Eg. 40 a month- 20/ employee, 20/ employer)- in this case 20 is set up as a taxable benefit and 20 as a deduction
Life insurance/Dependant Life/ AD&D are paid fully by employee (Eg.10/month each)- 10 is set up as a taxable benefit and a 10 deduction on each one
LTD paid fully by the employee- comes off as a deduction every month only
Medical is paid by employee- comes off as a deduction every month only
Dental is paid by employer- is not shown on payroll at all.
I hope I am explaining this right and I hope someone can help me. I guess especially for the life insurances I am unsure they should be considered as a taxable benefit since they are paid fully by the employee.