tag:infinitekind.tenderapp.com,2009-01-14:/discussions/general-questions/457-pre-tax-deductionsInfinite Kind: Discussion 2011-04-07T08:30:57Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/2915892009-08-10T20:32:07Z2009-08-10T20:32:07Zpre-tax deductions<div><p>Hi Jp</p>
<p>Perhaps I am failing to understand some complexity here, I am
sorry if that is the case. Wouldn't you just create an expense
category for what ever pre tax deduction you ware interested in
recording data about, and set that as the category in the split
transaction that represents your pay check?</p>
<p>You can then run a Income and expense report and include or
exclude what ever categories you see fit by changing the "all
categories" option to "selected categories"/</p>
<p>Sincerely</p>
<p>Ben Spencer</p></div>Ben Spencertag:infinitekind.tenderapp.com,2009-01-14:Comment/2915892009-08-11T02:32:27Z2009-08-11T02:32:27Zpre-tax deductions<div><p>Thanks for your suggestion Ben. I currently use a split for my
deductions, but I'm trying to get my income report to match my W-2
tax document.<br></p>
<p>On my W-2 it lists my total income minus pre-tax deductions.
(The number on my W-2 is less than my total income; the pre-tax
deductions are subtracted).</p>
<p>I think Quicken (Mac ~2004) had this feature, but I only used it
for a short time due to other bugs that Intuit was aware of but
refused to fix. Any advice would be most appreciated</p></div>jptag:infinitekind.tenderapp.com,2009-01-14:Comment/2915892009-08-12T01:03:17Z2009-08-12T01:03:17Zpre-tax deductions<div><p>JP,</p>
<p>This comes from an older case with the same inquiry. You are
essentially making a split payment from your gross income category
(by whatever name you choose). Some of the categories will be your
pre tax payments to insurance etc, some will be for withholding,
and finally, your bank account.</p>
<p>Brian</p>
<p>A. Set up a new Transaction Reminder.<br></p>
<pre>
<code>1) For the "Account" field use whatever Income category fits your needs. This is where the "Gross/Total" paycheck amount will be recorded. I have a sub-category of Paycheck under the Salary category, so mine shows up in the Salary:Paycheck category.
2) For the Payee field I use the name of the company the paycheck is from.
3) They Payment field is automatically calculated, and will be the total of the splits.</code>
</pre>
<p>B. Set up the splits.</p>
<pre>
<code>1) Before you do this, you will need to have all of the categories and accounts you are going to use, already set up. If you find you are missing one; you can just save the Transaction Reminder, go back and add the account/category, then come back, and edit the Transaction Reminder. Basically, you will need an account (bank account) for the net pay, and categories for all of the other entries of the pay stub. But if you have other accounts money is put into (savings, medical savings, 401K, etc), you will need to set up the appropriate account for those.
Here are the accounts I have:
Medical Flex Account --> credit card account
Company 401k Account --> investment account
Checking --> bank account
Savings --> bank account
Here are the categories I have:
Tax
|__ Federal Income Tax
|__ State Income Tax
|__ Social Security Tax
|__ Medicare Tax
Insurance
|__ Health
|__ Pretax Medical Plan
|__ Pretax Dental Plan
2) Make a new line split for each item on your pay stub. Some of these you can combine, if you only want to record several "same type" deductions in one category. For instance, if you don't care what kind of tax it is, you can add up all the taxes deducted, and record them under the Tax category, instead of splitting each one out.</code>
</pre>
<p>Lets say you get a paycheck for $100. Your splits might look
something like this:</p>
<pre>
<code> Account/Category Amount
Federal Income Tax $20.00
Social Security Tax $10.00
State Income Tax $10.00
Medicare Tax $10.00
Pretax Medical Plan $ 5.00
Pretax Dental Plan $ 2.00
Medical Flex Account $ 5.00
Company 410K Account $ 5.00
Savings $ 3.00
Checking $30.00</code>
</pre>
<p>This is a lot to do on the front end, but once you do, it is
easy to do each time you get a paycheck. And you get the benefit of
seeing where all of your "actual" paycheck is going. The taxes
aren't always exact, so you may have to edit the split a little
when you are recording the transaction each month.</p></div>Brian Adlertag:infinitekind.tenderapp.com,2009-01-14:Comment/2915892009-08-12T01:04:46Z2009-08-12T01:04:46Zpre-tax deductions<div><p>JP,</p>
<p>I just saw how oddly the formatting went through on this case,
but I think it's all clear anyway.</p>
<p>Let us know,</p>
<p>Brian</p></div>Brian Adlertag:infinitekind.tenderapp.com,2009-01-14:Comment/2915892009-08-23T01:09:04Z2009-08-23T01:09:04Zpre-tax deductions<div><p>I understand your response, but it does not answer my question.
I guess I have a reporting problem.<br></p>
<p>My employer lists on my W-2 all my wages EXCEPT pre-tax
deductions and I want a MD report that mirrors this.<br></p>
<p>Currently, when I report my income it lists all my wages and
there is no way to subtract the pre-tax wages in the report. (The
pre-tax wages come from my paycheck and go directly to an
investment account). I though about using a tag, but I still don't
know how to get the report to subtract this tag. Please advise.</p></div>jptag:infinitekind.tenderapp.com,2009-01-14:Comment/2915892009-08-29T19:02:41Z2009-08-29T19:02:41Zpre-tax deductions<div><p>Ok, let's try again! I think what you are asking is how to
create a report that shows all your income NOT including the pre
tax deductions, as you seem to have the split well in hand.<br></p>
<p>-Click on the Graphs and Reports Icon. -Select "Income and
Expense" Report -Choose "Selected Categories" from the dropdown box
(see screenshot 1) -Using Shift+Click, select all the categories
you DO want included in the report (see screenshot 2) -Generate
Report</p>
<p>You can then memorize this report so it is easier to run each
time.<br></p>
<p>Please let me know if I can be of further assistance, and thank
you for your interest in Moneydance.</p>
<p>Angie Rauscher<br>
Moneydance Support</p></div>Angie Rauscher