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Help with tracking Voluntary benefits paid by payroll deduction

I am paying auto, umbrella, renter's, and landlord's insurance premiums biweekly through payroll deduction, along with subscriptions to 2 other "voluntary" benefit programs. My pay stub just lists the aggregate total deducted for all six, but I finally obtained a breakdown for each, so I know how much is going where. Can anyone suggest an efficient way for me to track these payments? Should/Could I use the paycheck wizard to list the individual payments in after-tax deductions, even though they aren't itemized on my pay stub? I've never used this feature before, so I'm not very confident in how to proceed. (Life used to be so much simpler...) All ideas will be gratefully accepted.

Best Answer

  • BoatnmaniacBoatnmaniac SuperUser ✭✭✭✭
    edited February 14 Accepted Answer
    Before I retired I found the paycheck wizard to be a great tool for doing exactly what you stated, especially for tracking tax-related costs for use in the Tax Planner and in generating Tax Summary and Tax Schedule reports.  But there are some things you should keep in mind about setting up this type of income/paycheck reminder:
    1)  It works best for people who have stable gross pay and paycheck deductions (i.e., the same amounts every time) and if you find it important to track all the different paycheck categories.  If you are salaried or if you are hourly paid and work the same number of hours each pay period and if your after-tax and pre-tax deductions are the same each pay period this is a sweet way to create an income/paycheck reminder.
    2)  If your deductions vary each pay period (for instance, if your insurance premiums are deducted only from the one pay period of each month) you could set up 2 or more reminders with the different deductions amounts being entered into each of them.  You can differentiate between them by naming each reminder a little differently from each other (ex., Paycheck 1, Paycheck 2, etc.) so it's more intuitive when looking at them to determine which is which.
    3)  Where it gets trickier is if your gross pay varies each pay period because of things like hours/overtime worked or commissions received or if you have business expenses that your employer reimburses you for through your paychecks.  In this case you will need to manually edit all of the affected categories (gross pay, tax deductions, reimbursed expenses, etc.) in the reminder each time you enter them into your bank register so that reminder entry can be matched with the net pay transaction that your bank downloads.
    (QW Premier Subscription: R28.28 on Windows 10)

Answers

  • BoatnmaniacBoatnmaniac SuperUser ✭✭✭✭
    edited February 14 Accepted Answer
    Before I retired I found the paycheck wizard to be a great tool for doing exactly what you stated, especially for tracking tax-related costs for use in the Tax Planner and in generating Tax Summary and Tax Schedule reports.  But there are some things you should keep in mind about setting up this type of income/paycheck reminder:
    1)  It works best for people who have stable gross pay and paycheck deductions (i.e., the same amounts every time) and if you find it important to track all the different paycheck categories.  If you are salaried or if you are hourly paid and work the same number of hours each pay period and if your after-tax and pre-tax deductions are the same each pay period this is a sweet way to create an income/paycheck reminder.
    2)  If your deductions vary each pay period (for instance, if your insurance premiums are deducted only from the one pay period of each month) you could set up 2 or more reminders with the different deductions amounts being entered into each of them.  You can differentiate between them by naming each reminder a little differently from each other (ex., Paycheck 1, Paycheck 2, etc.) so it's more intuitive when looking at them to determine which is which.
    3)  Where it gets trickier is if your gross pay varies each pay period because of things like hours/overtime worked or commissions received or if you have business expenses that your employer reimburses you for through your paychecks.  In this case you will need to manually edit all of the affected categories (gross pay, tax deductions, reimbursed expenses, etc.) in the reminder each time you enter them into your bank register so that reminder entry can be matched with the net pay transaction that your bank downloads.
    (QW Premier Subscription: R28.28 on Windows 10)
  • lostarkyQilostarkyQi Member
    Thank you so much for your thoughtful and detailed explanation. I had an idea that this would be a bit of work, but your response will help me set it up and manage it more efficiently than I would have done on my own. I really appreciate your guidance!
  • BoatnmaniacBoatnmaniac SuperUser ✭✭✭✭
    You are very welcome.  It really is not as hard to set up as perhaps I made it sound.  As long as you know you have your paycheck information the wizard will pretty much walk you though the process.  And if you find you made a mistake in setting it up it's pretty easy to edit & correct or you can simply delete the recurring reminder and start all over again.  Come back to the Community if you run into any issues or have any question.
    (QW Premier Subscription: R28.28 on Windows 10)
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