Stupid question #1 FICA, Medicare, SDI

Hi all,

Here's my first stupid question....

In setting up my paycheck Quicken lists FICA, Medicare and SDI as seperate items. However my stub only lists "FICA Medicare" and "FICA OASDI". So how do I enter this?

Thanks in advance

AJ

Reply to
ajl
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I'd contact your employer and ask the percentage breakdown. The split is only important (IMHO) when it comes time for submitting your federal tax return. If you have multiple jobs, you might exceed the maximum FICA withholding... But for that, you use the W2 forms, anyway. You could enter it under FICA or even create your own category "FICA/Medicare"..........

Reply to
Hank Arnold

You could check the percentages deducted for each against published info as to what the % deductions for Social Security and Medicare are. But even without seeing them, I'm willing to bet that "FICA Medicare" is just Medicare and "FICA OASDI" is Social Security. FYI FICA "Federal Insurance Contributions Act," the law that covers all such Federal programs. OASDI = "Old Age, Survivors, and Disability Insurance," i.e., Social Security.

Reply to
DavidB

The FICA in Quicken is the FICA OASDI (Old Age & Survivor's Disability Insurance) on your paystub. It should be approx 6.2% of your gross pay.

The Medicare in Quicken is the FICA Medicare on your stub. Approx

1.45%.

SDI is, usually, "State Disability Insurance" which is a mandated deduction in California (where Intuit is based) and some other states ... but apparently not yours. Ignore it.

A good source of info on the FEDERAL deductions on your paycheck is "Circular E" (Employer's Tax Guide) at

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Reply to
danbrown

Thanks for the idea. I think I'll just set up my own categories and be done with it. I'd chose the W-2 info over Quicken info anyway so it's not really a tax return issue.

Thanks again

Reply to
ajl

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