Track a paycheck to reflect deductions
Before you edit a recurring paycheck deposit to reflect deductions, have a paycheck stub handy.

Note: To perform this advanced task, you must be using Advanced Bills. To find out if you’re using Advanced Bills, look for the Essential Bills or Advanced Bills label in the upper-right corner of the Bills summary page.

  1. At the top of the page, click Bills.
  2. If you’re using Essential Bills, you must switch to Advanced Bills to perform this task.
    1. In the left pane under Other tasks, click Change bill settings.
    2. Click switch to Advanced Bills.
    3. Click Use Advanced Bills, and then click OK.
    4. To return to the Bills summary page, click Bills.
  3. Click New, and then click Paycheck.
  4. Choose whether you want to track deductions or only your net pay.
  5. If you choose to track only net pay, click Finish, and then skip to step 6. Otherwise, click Next.
  6. Complete the rest of the New Paycheck wizard.
    1. Follow the instructions to enter details about contributions to retirement and savings accounts.
    2. On the Wages tab, in the Amount column, type the gross amount shown on your pay stub.
    3. On the Deductions Before Taxes tab, enter any pretax deductions, such as a 401(k).
    4. On the Taxes tab, enter the amounts deducted from your paycheck (such as Federal Income Tax and Social Security).
    5. On the Deductions After Taxes tab, enter post-tax deductions, such as contributions to savings accounts.
    6. Review the totals in the table to make sure everything matches your paycheck stub. Be sure to enter all deductions as positive numbers.
    7. If the sum of the deductions plus your wages does not equal your gross pay, an amount labeled Unassigned appears. Double-check your pay stub and recheck the numbers you entered until the Unassigned amount equals zero.
    8. Click Done.
  7. Enter the information in the remaining boxes, and then click OK.
Microsoft Money arrowblueright Track a paycheck to reflect deductions What is the difference between gross pay and net pay?

Gross pay is the amount of money you earn from your employer before tax deductions and other withholding, such as Social Security, Medicare, payments for health insurance, and contributions to your retirement account (An account, usually tax-deferred, designed to provide savings for retirement. Examples include 401(k) and IRA accounts.) , pension fund, and savings account. Tracking each of these deductions in Money will help you with tax information and planning.

Net pay is the amount that remains after the taxes and other withholdings are deducted. This amount is sometimes called take-home pay.

Microsoft Money arrowblueright Track a paycheck to reflect deductions Tips

  • On the Taxes tab, you can find most tax categories already set up in Money. To view these categories, in the Category box, scroll down to Taxes.
  • If you’ve set up your 401(k) in Money, you can enter it automatically on the Deductions Before Taxes tab. To find your 401(k), in the Category box, scroll down to the Special section.
  • To make a transfer on the Deductions After Taxes tab, in the Category box, scroll down to the Special section, and then click Transfer.

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Microsoft Money arrowbluedown Track a paycheck to reflect deductions

Track a paycheck to reflect deductions