Company Use of Vehicle into Payroll to report on W2's
(Posted by: Lisa Sick 12/12/2005)

If your company provides employees with company vehicles, you must report the lease value of the vehicle on the W2.
1. Set up a Payroll Deduction Code in (U3MEN1.6) for this vehicle use.

• Description to print on the check stub - will be the description that prints in the box 14 on the W2.
• Box number this deduction prints in on the W2 - should be set to 14.

1. WITH IN YOUR LAST PAYROLL OF 2005, record this amount in Special Pay on each employee as a positive number. Then the amount will be taxed appropriately.
2. Also record this amount as a deduction on the employee with the deduction code you set up above. This will deduct that amount back off the employee pay and have the deduction recorded for printing on the W2.
3. Now you will have this amount on your W2 properly.

 

For additional help, please contact Support by calling (877)282-6353 or via email at support@agvantage.com.