Category for social security income

Category for social security income

Best Answer

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited May 2021 Answer ✓
    You can name your income Category for Social Security anything you want.  Using the name of "Social Security" with separate SubCategories - one for me, one for my spouse - works just fine.  You will want to connect each SubCategory to the proper tax line item, i.e., "Social Security inc., self" and "Social Security inc., spouse."
    I've also created the SubCategory of "Medicare" under the top-level expense Category of "Medical Insurance" to deal with the deductions from from the Gross Benefit.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited May 2021 Answer ✓
    You can name your income Category for Social Security anything you want.  Using the name of "Social Security" with separate SubCategories - one for me, one for my spouse - works just fine.  You will want to connect each SubCategory to the proper tax line item, i.e., "Social Security inc., self" and "Social Security inc., spouse."
    I've also created the SubCategory of "Medicare" under the top-level expense Category of "Medical Insurance" to deal with the deductions from from the Gross Benefit.
  • Rick_A
    Rick_A Member
    Thanks!
  • oldngrmpy1
    oldngrmpy1 Member ✭✭✭✭
    What I like to do is abbreviate as much as I can because the shorter the names, then better when printing reports. For Social Security I like to use SSA T, and SSA J. The T & J are letter designations for our first name. SSA stands for Social Security Administration.