how to split social security income?

[Colin Law]

On 6 April 2013 00:26, Paula Hendricks <paula at ph-webnet.com> wrote:
> 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?

You can start at the checking account and enter the amount that is
actually paid into the account.  Then click the Split button and enter
the gross amount against the income account and the tax and other
deductions as appropriate.  If you find it easier, however, you could
start at the income account and add splits for the checking account
and deductions.

In fact if the amounts are similar from week to week (or month to
month) then probably the easiest is to set up a scheduled transaction
with typical figures in it and then just open it and amend the values
when you know the exact figures.  That saves the bother of adding each
of the splits.

Colin

>
> 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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