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Social Security (again)

NJF9

I am looking for some guidance as to how to categorize a social security check.

Have read where the "net" is entered as the payee, but I see no way to categorize.
that net. Therefore my report needs to include both categories (where the deductions went) and payee (to see the net amount)

Ideally I am looking to enter my check so a SS category report will display something like:
SS Gross
SS Medicare
SS Fed Tax
SS IRMAA
SS Net

Also search has found this link "how-to-catagorize-medicare-and-tax-withholding-taken-out-of-social-security-check-and-also-net-pay" BUT I get a permission denied when selecting.

Thanks for any help

(Quicken for Mac Deluxe)

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Quicken_Tyka

Hello @NJF9

Thank you for taking the time to visit the Community to post your question, although I apologize that you have not received a response.

I have gone ahead and unarchived the previous discussion so that you can view the previous post, I would keep in mind that the post is for the Windows version which differs from the Mac.

What you are needing to enter is a Split transaction, you can learn more about creating a split at the link below.

https://www.quicken.com/support/split-transactions-quicken-mac

You will enter the net amount for the amount and enter a split for each of the categories that you would like.

Please let us know how it goes or if you encounter any issues.

-Quicken Tyka

volvogirl

First of all you don't enter "net" for the payee. I entered Social Security for the payee description. I don't know Mac but in my Windows I made a deposit for Social Security net amount and split it out like this......

NJF9

Thank you Quicken Tyka, appreciate your efforts!
I have proceeded as suggested.

While perhaps I am misunderstanding, when I do this, I am able to
categorize the Gross, Insurance, and Tax amounts. However the
"net", while arithmetically correct is unable to be categorized.

SO, in order to see my SS activity over the year, I have to do a
category report (for the deductions) and a payee report (for the net)

I would like to be able to have one report that lists the "history"
of my SS that includes gross, deductions, and net. Is that possible?

Thanks for any further help

volvogirl

You don't categorize the NET. It is just the amount deposited in your bank account. It is a combination of all the categories listed for gross and deductions. Maybe a Mac user will reply with how to get a report for it.

volvogirl

@jacobs Can you help?

NJF9

Thanks @volvogirl, I understand your point.

However, as I have other income (pension check),
I was looking for a consolidated view of my gross,
deductions, and net amounts.

As an example:

SS Gross - 100
SS Ins - 80
SS Net - 20

Pension Gross - 100
Pension Ins - 80
Pension Net - 20

Total Gross - 200
Total Ins - 160
Total Net - 40

Now I CAN get that info, BUT I have to run a category report
for Gross and Ins and then a payee report for the net. Payee
in this case being a check deposit.

Am I in the weeds here :-)

jacobs

I can't think of a way to show gross pay and net pay in the same summary report. As you wrote, a Payee report will let you see your net pay, and a Category report will let you see your gross pay (and deductions, if you wish).

Hmm, wait… If you create a Category report and select just the categories for gross pay and deductions, the grand total of that report will be your net pay. Assuming you use a different Payee name for the deposits from your different sources of income (your work and your pension), you can also set the Payee to just be one or the other to get the complete view of the gross, deductions, and net for that source of income. Won't that do it?

Chris_QPW

You would only have to run the category report. A payee report wouldn't be needed.

Image: https://us.v-cdn.net/6031128/uploads/editor/s3/xvmehj1tydhy.png

Edit note, yes this is a Windows report since I'm a Windows user, but it would definitely be the same in the Mac report.

Chris_QPW

BTW there is a way to get the net amount shown in a category, but it messes up the accounting.

SS Gross 100
SS Net 20
SS Offset Don't include -20
SS Ins - 80

But this will do it, but it will also mean that you have to be aware of the fact you are double counting things, and also know when to include or exclude a given category to not get what you don't expect.

Also if Quicken Mac ever gets an "Paycheck" selection for their budgets, this will most likely mess that up.

All and all this isn't the way to go. The proper accounting is a math calculation with the net being the result.

jacobs

Chris_QPW said:

You would only have to run the category report. A payee report wouldn't be needed.

@Chris_QPW No, you're assuming there is only one source of income. In my case, I have my wife's income and mine; in NJF9's case, there is work income and pension income. A Category report will lump all that together, so you'll see your total net, but not the net for one income source, which is what NJF9 was looking for

But as I wrote, as long as you have different Payees for each income source (e.g. multiple sources of income aren't entered as "Direct Deposit"), the Category report can be constrained to one Payee at a time. So it would take multiple Category reports for multiple sources of income, but it would work.

RandyB

In past years, entering the Social Security, gross, subtracting Medicare premium, you would get the correct net. But not this year. Now you have to add a new category, which I call the Government skimming tax, because the net is reduced by a rounding down to even dollar amt. Which might be $0.70. In past years the government would skim it off the top line, but not this year.