how to split social security income?

[Les]

On 04/05/2013 02:49 PM, Buddha Buck wrote:
> On Fri, Apr 5, 2013 at 3:09 PM, Paula Hendricks <paula at ph-webnet.com> wrote:
>
>> wow. i'm probably doing this all wrong then. i put the full amount (in
>> your example $1800) in my checking as a deposit and then allocate to
>> income/ ss ($1700) and med/ ins ($100)....
>>
>> i always start with my checking account... it seems to work... but it's
>> different than what was suggested. hunh.
>>
> So you are getting a check/direct deposit for the full $1800?  I would
> expect Income/SS to be an income account, and Med/Ins to be an expense
> account, and you can't really add the two sensibly.
>
> I analogize the situation to my own paycheck.  Each week, the Hypothetical
> Me receives $1000 in gross salary.  That's my income, and gets credited to
> my "Income:Salary" account.  It doesn't all go into my checking account,
> however.  $120 goes to Federal tax withholding, which I debit against
> Expenses:Taxes:Federal, $80 goes to FICA, which I debit against
> Expenses:Taxes:FICA, $30 goes to my healthcare FSA, which I debit against
> Liabilities:FSA, $60 goes to State tax withholding, which I debit against
> Expenses:Taxes:State, and, finally, there's $710 Net, which I debit against
> Assets:Checking.
>
> I do the whole thing as one big split transaction (and, because I'm
> salaried, I can even do it as an SX), and I only put into each account what
> goes into each account.
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For each of my incomes, I create a scheduled transaction, with all the
splits scheduled out for one year.  I never have to change anything
unless there is a change in income or tax rates.  This normally occurs
at the beginning of each year.  I have them prompted for 10 days in
advance and if there is a changed in pay day (due to holidays or..) I
can adjust the actual date.