Recording social security retirement payment with 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.
 

1. Go to the Edit menu and select Preferences.
2. Select Payroll & Employees, then select the Company Preferences tab.
3. In the QuickBooks Desktop Payroll Features section, select the Full payroll and the Manual Payroll checkboxes.
4. From the Get payday peace of mind window, select Next.
5. Click Activate in the confirmation screen.
6. Select OK to apply the changes.
7. Click OK to exit out of the preferences window.

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:

• Get started with Payroll
• Reconcile an account in QuickBooks Desktop

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.

I have the same issue.  I am mostly retired, 70 yo, and still having clients (sole proprietorship) so I use QB desktop Mac for all my accounts.  Just want to know how to set up my SS income account (direct deposit to my personal account) so it also records sending $174 monthly  Medicare premium, and my reports get it. Thank you.

Right now, I have created an "Other Income" account, but that doesn't seem to have a Register, so I can't split off amounts.. It seems like I should set it up like a PayPal or Stripe account, where I set up deposits to the income account, notate full SS amount  and split Medicare expense, and net deposit to personal Bank account.  What do you think?

Thank you for sharing your concern here in the Community, terrysim93.

I'll be sharing insights on setting up Social Security income account (direct deposit to your account) in QuickBooks Desktop for Mac.

To do this, you will need to create a bank deposit for the Social Security and Medicare payments that you have received. Here's how:

1. Choose Banking > Make Deposits.

   Note: You can also make deposits using the Transaction Center.

2. In the Deposits window, click the payments you’d like to deposit, and then click OK.

•    You can also click the Select All or the Select the None button.
•    If you are planning to print a deposit slip, note that the slip can hold only up to 18 deposit transactions.
•    When you receive a payment from a customer and choose to “Group with other undeposited funds,” the payment is listed here.
  
  

3. In the Deposits window, select the account you want to deposit into from the Deposit To pull-down menu, enter the date, and enter any memo for the deposits.

4. In the list of deposits, enter any amounts to deposit that are not payments you received through sales to customers. Click the first blank line to enter a new item; press Tab to move from field to field. Examples: refunds from vendors or money that an owner is investing in the company.

5. Enter cash back details or credit card fees. Then hit Save.

Moreover, it’s best to reach out to your accountant for advice on how to account for particular amounts. If you don't have an accountant, don't sweat it. You can find one here in our Resource Center.

I've also added this article to balance your checkbook, if you need to regularly review your accounts in QuickBooks and to make sure the amounts match your real-life bank and credit card statements: Learn the reconcile workflow in QuickBooks

I'm only a comment away if you have any questions throughout the process of setting up my Social Security income account in QuickBooks Desktop for Mac. Take care and enjoy your weekend!