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Money Sunset Categories RRS feed

  • Question

  • How can I set up a Tax Withholding Category that is not in an Expense or Income Category.
    Thursday, July 30, 2015 10:06 PM

All replies

  • If the tax is being withheld from your paycheck/winnings/etc, you should be entering the total income (that is what will be reported to the IRS) and then enter the tax payment as an expense (that is also reported to the IRS).

    If you have an asset account which accumulates your tax payments, you could initiate a transfer but that is a transaction type, not a category.

    Friday, July 31, 2015 12:59 AM
  • Thanks, but this is on my employer's account and he insists that my withholding is neither an Income nor an Expense to his account.  On the old Money Program we had, there was an Income, Expense and then there was a Special Group where we could post the salary - gross and net -  and withholdings and it would be kept separate in the Reports we would pull.  Do you know how to add another Category/Group/Master Category like that? 
    Friday, July 31, 2015 9:33 PM
  • Barry is correct.  When your money moves it is either spent ("Expense"), received ("Income") or transferred from one account to another.  

    When your employer pays you she transfers some money to your account (net pay) and some to the taxing authority (withholding).  But this is handled in your Money Sunset accounts by depositing the total pay to your account and then paying the withheld taxes to the taxing authority.

    In Money Sunset there is still a "Special" group.   Within that group there is a "Paycheck" category.  I think that that is what you are looking for.

    In "Bills and Deposits" if you select "New" you can select "Paycheck" and set up your recurring paycheck.


    Bill Becker

    • Proposed as answer by Bill Becker Wednesday, August 5, 2015 12:20 AM
    Saturday, August 1, 2015 1:40 AM
  • Thanks, but this is on my employer's account and he insists that my withholding is neither an Income nor an Expense to his account.

    How does your employer have an account on (or even a say in how you manage) your personal MS Money database?
    Saturday, August 1, 2015 1:59 AM
  • It is his account, it's just us.
    Tuesday, August 4, 2015 10:20 PM
  • Thank you, I think this will work the best.
    Tuesday, August 4, 2015 10:21 PM