How to catagorize Medicare and Tax withholding taken out of Social Security Check, and also Net pay

oldngrmpy1

If my social security check is $1200, and if Medicare Deduction were to be say $100, and $125 for Fed tax withholding from that with a net of $975 net income,  how do I categorize my Medicare, my Fed Tax Withholding,  and my Net Income from my SSA deposit properly in the register entry(s)?

volvogirl

Enter the net amount and split it out....


Enter the gross amount to income and subtract


To federal tax withholding


And to Medical



Enter a deposit for 975 and split it


Income +1,200


Federal tax withholding -125


Medical -100

Unknown

Your transaction is no different than any split transaction.  You can set it up as such and set it up as a monthly scheduled transaction and Quicken will remember the proper splits.

You could also, in essence, use the Paycheck Wizard in Quicken and set it up that way...with a monthly pay period.  

Either way should work. 

UKR

Here's an example of the Split Transaction view for my Social Security income transaction



Your category names may be different from mine.
Line 1 is the gross income, a positive amount. All other lines are deductions, entered as negative amounts.
Transaction Total is the net income that shows up in your checking account.

Rick Gumpertz

UKR said:

Here's an example of the Split Transaction view for my Social Security income transaction



Your category names may be different from mine.
Line 1 is the gross income, a positive amount. All other lines are deductions, entered as negative amounts.
Transaction Total is the net income that shows up in your checking account.

Looks good to me: that is exactly (except, as you said, for different category names) how I would have done it!

oldngrmpy1

Looks good, but how do you Categorize the Transaction Total to use in a report to see total of all the true$$ you actually ended up depositing from SSA?  Sure there's a transaction total amount but if you can't show what that amount is in a report what good is it? I gotta be missing something here.. the same thing happens when you set it up as a paycheck. It just show as "Net Pay", but from who? In other words I'd like to pull a report showing the amount of my Soc Sec checks for 2017 and/or 2018.

volvogirl

Because the first line of the split transaction is the gross amount going to the SS income category or the gross amount of your paycheck going to the W2 Wages category. Those are the categories you use in the report. Not the net deposit. The net amount doesn’t go anywhere.

UKR

TJ,
The Split transaction image I showed earlier is part of a transaction in my checking account, Payee Name = Social Security Admin.
If I want to see how much Net amount I received from SSA, I can just simply create the Easy Answer Report "How much did I pay to ..." select Payee = Social Security Admin and Date Range = Year to date and up comes a report listing all my transactions. (Well, yes, the report says something about money paid to someone, but it also works with income transactions)



Sorry, I'm not going to show the rest of the transaction lines in the report, but you get the picture ...

This is but one of the possible ways on how you can see how much you got from SSA this year.

oldngrmpy1

I'm 70 years old, but am able to understand pretty well. I worked for IBM for 30 years, I've used Quicken for 15 years and been patient with all the "work arounds" quicken passes down to the super users for that whole time, I've been patient with many issues through the years especially since quicken was sold, but this Social Security issue is real, and quite unacceptable to me. This issue is one that has broken the proverbial "camel's back" with me. With all that is said, no one will say that this is an issue that should and could be addressed and fixed. With everything that I was told above, the net result is that I cannot run a report that shows all my income deposits into my bank without bouncing around and using "Payees" to find my net income deposit into my bank checking account from SSA. Gross Income is there, but that doesn't show on my bank account statement. Pity, and I will not be paying for any subscription when my 2017 expires. I'll be going back to using a stenographers notebook like my mother used to use.  So much less brain damage, not to say cheaper.  All over not being able to label my net SSA income with a Category as SSA income deposit, so I can see it in reports with the rest of my "Net Incomes". There....I've decided and feel so much better. After reading all the issues regarding SSA and noticed how so many were closed for comment so quickly, I wonder if Quicken isn't guilty as charged over issues that could and should be fixed.  Ahhh it feels so good when you finally make a decision!  Thanks to all the Super Users that have tried to be the backbone for Quicken for so long, teaching us how to use the numerous workaround, because quicken couldn't or wouldn't fix problems!

Beijing Mac

Why would a SS check deposit be any different than another paycheck with various deductions?  Would you not follow the same process as the other users have tried to explain?  

oldngrmpy1

What I'm trying to do is just use Quicken to correlate with my bank statement.  I've declined to use it for anything else because of so many issues. Here's what I'd like to do and tell me if it's me or Quicken.
I have a category labeled "My Incm" and "Wife's Incm". Then I have sub-categories of (Company A)  Deposit, (Company Deposit, etc.. Then I want to run a report to see my total Income deposits, and/or my wife's total Income deposits, for totals of both/or each of us with these correlating with my bank statement deposits. It's very basic and straight forward. As soon as a Quicken income deposit transaction enters the picture with a "Split or 'Paycheck' it's impossible to make a simple report with a total of (Net) Income listed and from where it came, there's no way to add "SSA Incm" (the net) as a sub-category under My Income or Wife's Income primary categories.for us because there's no way to label or categorize "SSA" as an "SSA Deposit" into my checking,  I'd like to use splits or paycheck function to be able to track Fed tax paid, Medicare Part A, B,D etc. paid as those can be categorized and tracked. Can you imagine a CPA giving a report to an auditor showing: Gross Pay and Deductions then a line that just says "Net Pay"?  On a paycheck stub it's okay but on a spreadsheet you'd get the question "Net pay from what"?  Another thing Quicken did after 2011, was to eliminate the ability to go to Categories list, check the primary category and the subcategories would automatically be checked (like it is when you run a report and check the Category box) and all the sub-categories are automatically listed as well One easy step could print out the Primary Category, and show each sub-category and its total, then the total for the entire primary category ,now you have to go to reports with about 6 steps to get the same result.  I'm frustrated and don't mind paying for a product that makes keeping my books organized, accurate, and easy to use, but why Quicken changes things for the worse, eliminates things that are useful, or adds new features that don' t work and then don't fix them is beyond me. This is why I and many others are so frustrated.
At IBM there was a philosophy:

 " We are what we repeatedly do. Excellence is not an act, but a habit"
                                                                                       Aristotle

markus1957

TJ said:

What I'm trying to do is just use Quicken to correlate with my bank statement.  I've declined to use it for anything else because of so many issues. Here's what I'd like to do and tell me if it's me or Quicken.
I have a category labeled "My Incm" and "Wife's Incm". Then I have sub-categories of (Company A)  Deposit, (Company Deposit, etc.. Then I want to run a report to see my total Income deposits, and/or my wife's total Income deposits, for totals of both/or each of us with these correlating with my bank statement deposits. It's very basic and straight forward. As soon as a Quicken income deposit transaction enters the picture with a "Split or 'Paycheck' it's impossible to make a simple report with a total of (Net) Income listed and from where it came, there's no way to add "SSA Incm" (the net) as a sub-category under My Income or Wife's Income primary categories.for us because there's no way to label or categorize "SSA" as an "SSA Deposit" into my checking,  I'd like to use splits or paycheck function to be able to track Fed tax paid, Medicare Part A, B,D etc. paid as those can be categorized and tracked. Can you imagine a CPA giving a report to an auditor showing: Gross Pay and Deductions then a line that just says "Net Pay"?  On a paycheck stub it's okay but on a spreadsheet you'd get the question "Net pay from what"?  Another thing Quicken did after 2011, was to eliminate the ability to go to Categories list, check the primary category and the subcategories would automatically be checked (like it is when you run a report and check the Category box) and all the sub-categories are automatically listed as well One easy step could print out the Primary Category, and show each sub-category and its total, then the total for the entire primary category ,now you have to go to reports with about 6 steps to get the same result.  I'm frustrated and don't mind paying for a product that makes keeping my books organized, accurate, and easy to use, but why Quicken changes things for the worse, eliminates things that are useful, or adds new features that don' t work and then don't fix them is beyond me. This is why I and many others are so frustrated.
At IBM there was a philosophy:

 " We are what we repeatedly do. Excellence is not an act, but a habit"
                                                                                       Aristotle

Use something similar to @UKR's categories above but place them all under a Main Income Category of "Social Security Net Income". In a Category report the top line will then display your net deposit. Create a similar category and subs for your wife if you want them to be shown separately.

oldngrmpy1

volvogirl said:

Because the first line of the split transaction is the gross amount going to the SS income category or the gross amount of your paycheck going to the W2 Wages category. Those are the categories you use in the report. Not the net deposit. The net amount doesn’t go anywhere.

The Net Amount is the most important part to be shown somewhere. That's the amount that went into my checking account that I have to spend, and knowing that it came from SSA is the second most important part.  If not, then how do I then run a report for the year with the total of all my person income and where they came from, along with being able to track the fact that I had deductions such as federal tax, and Medicare Deducted, from my SSA gross which is also important to track health care expenses. Bottom line is no one can just say Quicken is screwed up and what I want to do can't be done unless SPLIT can be given a category for the Transaction Total, or if using Paycheck can  be  a category entry for Net Pay. All quicken needs to do is add a category box on the Transaction Total in SPLIT, and/or a Category field in Net Pay line in Paycheck... Problem fixed, then in a PAYCHECK or SPLIT there needs to be no work arounds, that don't work anyway, or if I can use one then show SSA as an Income then I loose my ability to track the deductions.  Try to do a SPLIT or PAYCHECK, using SSA gross as $2000.00, Federal Tax Deduction of $125, Medicare Pmt of $135, then show the net amount after all that as  MY Income>SSA retirement, and have it show $1340.00 as SSA income for me, and be able to include that in a total of all my incomes deposited into the bank. I'd just want to go to a Category ie:  My Income (Category) and total all sub Category incomes for a total of all my income including SSA Net, and be able to show that Category total in a report.
Either I'm not explaining it well or all those trying to help don't understand what I'd like to do in the way of reports.  Thanks for your feedback.  Just try doing it with my example and you'll see what I mean.

markus1957

volvogirl said:

Because the first line of the split transaction is the gross amount going to the SS income category or the gross amount of your paycheck going to the W2 Wages category. Those are the categories you use in the report. Not the net deposit. The net amount doesn’t go anywhere.

Or you could just create the category and subs like I suggested.

Michael D'Amore

TJ I totally agree with you. The only way around it is to make a separate net entry for pay (SS deposit, retirement payout, whatever) and to make separate entries for the taxes and other withholding. A royal pain ion the butt.