how to split social security income?
Paula Hendricks
paula at ph-webnet.com
Fri Apr 5 19:26:47 EDT 2013
ok, so where do you start? at the income account? and then do a split? same with witholding? you start at the income and not the checking account?
how could i be doing this so wrong for so long... heheh....
thank you all so much.
ph
On Apr 5, 2013, at 12:49 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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