How to split paycheck with 401K amount; and a 2nd off topic question

Hi,

In order to have Money '07 perform the most accurate for tax estimation, 
what is the better method for splitting a paycheck?  For this example let's 
say the income is $1000 per pay period and $50 is deposited in the 401K each 
pay period (employee contribution).

Option 1:
Wages & Salary: Gross Pay $950
Wages & Salary: Deferred 401K $50
Taxes...
Taxes...
Taxes...
Transfer To: 401K Cast account ($50)

Option 2:
Wages & Salary: Gross Pay $1000
Taxes...
Taxes...
Taxes...
Transfer To: 401K Cast account ($50)

I have omitted the usual tax categories and other splits in a paycheck

Or another option?  Anything special needed to adjust on these catagories? 
The idea is to make the tax estimator be as accurate as possible.

OFF TOPIC QUESTION
I used to read this newsgroup regularly when Time Warner hosted a new server 
and it cost me nothing extra.  How can I find an economical new server or 
even a free one.  I douby I was downloading much each month, mostly just 
reading messages and posting.

Mark


0
3/7/2009 9:31:17 PM
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In microsoft.public.money, Mark Fields wrote:

>
>I used to read this newsgroup regularly when Time Warner hosted a new server 
>and it cost me nothing extra.  How can I find an economical new server or 
>even a free one.  I douby I was downloading much each month, mostly just 
>reading messages and posting.


msnews.microsoft.com is a free server for Microsoft groups for your
NNTP newsreader.
0
via_newsgroup (13113)
3/7/2009 9:46:42 PM
re. Q 2, as Cal notes: news://msnews.microsoft.com/microsoft.public.money 
should be accessible to you. I don't think TW has blocked access to external 
new servers. If they have, then there is the Microsoft communities 
interface--which isn't so hot but is better than nothing--at 
http://www.microsoft.com/communities/newsgroups/list/en-us/default.aspx?dg=microsoft.public.money. 
There are also some free news servers. http://www.teranews.com/ is one I've 
heard of but never tried. For the Microsoft groups, if you can get to any 
NNTP Server, the msnews server is probably best.

re. Q1, I do option 1 because I find it makes it easier to report/extract 
information. (I assume both of your examples intend to imply that the 
Transfer to the 401(k) account is done from the Before Tax tab.) Both work 
with TE--because the way TE works is that it takes the sum of everything on 
the before tax tab and subtracts it from the category of the first line on 
the wages tab. I.e., if you look at what Money calls the sum of that first 
category from the wages tab in the category reports, say, you see number 
different than what TE CALLS the sum of that category. TE, of course, lies 
about what the sum of that category really is but it's in a good cause. I'd 
prefer them to be much more explicit in TE about what they are doing, but 
there it is.

"Mark Fields" <mark_no_spam_f@siscom.net> wrote in message 
news:ey7XEw2nJHA.3840@TK2MSFTNGP03.phx.gbl...
> In order to have Money '07 perform the most accurate for tax estimation, 
> what is the better method for splitting a paycheck?  For this example 
> let's say the income is $1000 per pay period and $50 is deposited in the 
> 401K each pay period (employee contribution).
>
> Option 1:
> Wages & Salary: Gross Pay $950
> Wages & Salary: Deferred 401K $50
> Taxes...
> Taxes...
> Taxes...
> Transfer To: 401K Cast account ($50)
>
> Option 2:
> Wages & Salary: Gross Pay $1000
> Taxes...
> Taxes...
> Taxes...
> Transfer To: 401K Cast account ($50)
>
> I have omitted the usual tax categories and other splits in a paycheck
>
> Or another option?  Anything special needed to adjust on these catagories? 
> The idea is to make the tax estimator be as accurate as possible.
>
> OFF TOPIC QUESTION
> I used to read this newsgroup regularly when Time Warner hosted a new 
> server and it cost me nothing extra.  How can I find an economical new 
> server or even a free one.  I douby I was downloading much each month, 
> mostly just reading messages and posting. 

0
3/7/2009 11:29:44 PM
Mark Fields | 2009-03-07 | 3:31:17 PM wrote:

>Hi,
>
>In order to have Money '07 perform the most accurate for tax
>estimation, what is the better method for splitting a paycheck?  For
>this example let's say the income is $1000 per pay period and $50 is
>deposited in the 401K each pay period (employee contribution).
>
>Option 1:
>Wages & Salary: Gross Pay $950
>Wages & Salary: Deferred 401K $50
>Taxes...
>Taxes...
>Taxes...
>Transfer To: 401K Cast account ($50)
>
>Option 2:
>Wages & Salary: Gross Pay $1000
>Taxes...
>Taxes...
>Taxes...
>Transfer To: 401K Cast account ($50)

I suggest this one. It's advantage is that your gross pay is clear and
straightforward. With the other option, your accountant has to know
that "Deferred 401(k)" is really gross pay.

>I have omitted the usual tax categories and other splits in a paycheck
>
>Or another option?  Anything special needed to adjust on these
>catagories? The idea is to make the tax estimator be as accurate as
>possible.
>
>OFF TOPIC QUESTION
>I used to read this newsgroup regularly when Time Warner hosted a new
>server and it cost me nothing extra.  How can I find an economical
>new server or even a free one.  I douby I was downloading much each
>month, mostly just reading messages and posting.

You can read just about all the newsgroups for free at
	reader.motzarella.org
the Motzarella newsserver. You'll have to sign up for an account, but
it's free. They don't carry binaries.

-- 
Steve Bell
New Life Home Improvement
Arlington, TX USA
0
3/8/2009 12:00:33 AM
I currently use Option 2, but I used to use Option 1 to account for the many 
pre-tax deductions.

> >Option 1:
> >Wages & Salary: Gross Pay $950
> >Wages & Salary: Deferred 401K $50
> >Taxes...
> >Taxes...
> >Taxes...
> >Transfer To: 401K Cast account ($50)
> >

Instead of Wages & Salary: Gross Pay $950, I would use Wages & Salary: 
Federal Taxable $950 

Then on your Tax Reports, Gross Pay is the sum of:
Wages & Salary: Federal Taxable $950 and
Wages & Salary: Deferred 401K $50


0
ameridan (38)
3/8/2009 4:53:01 PM
Reply:

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