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Join nowi just started collecting social security retirement. i receive the amount after medicare amount is taken out.
How do i record this, so that I can keep track of how much medicare is too.
So, lets say, my SS benefit is $3000 and of that amount $500 goes to medicare so I get paid $2500 into my account. how do i record it so that I can also include that $500 to keep track of medicare.
Thanks for sharing the details with us, @magnum44.
You'll need to set up manual payroll in your QuickBooks Desktop (QBDT) and create a Journal Entry (JE) to record the payment. Let me show you how.
You can also check this link for more details: Set up manual payroll without a subscription.
Once done, create a JE to record the payment. I'd recommend consulting your accountant so you'll be guided in using the correct posting accounts. If you're not affiliated with one, you can visit our ProAdvisor page and look for one from there.
Let me also add these resources that you can read for guidance in managing your payroll and accounts seamlessly:
Keep me updated if you need further help running your payroll. I'm always around to back you up. Have a great day ahead!
so, this is not a payroll thing. its just recording the income from social security (i,e i am retired and started receiving benefits)
i want to reflect the income but also the amount taken out of income that goes to medicare payment.
So, lets say my SS is $2500, but I receive $2000 into my checking account cos $500 is my medicare payment. How do i enter both items.
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