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How to Track the Earnings, Taxes, Deductions, or Deposits from a Paycheck

Updated: 5/14/2012 | Article ID: GEN82101

Quicken's Paycheck Setup wizard allows you to create a single transaction that tracks the income from your W-2 form, state and federal payroll tax deductions, tax-deferred 401(k) contributions, and the various transfers included in each paycheck. After this one-time setup, the information is available for use in Quicken's powerful tax reduction and long-term planning tools.

You will need your most recent pay stub before proceeding with the Paycheck Setup wizard:

  1. On your keyboard, hold down Ctrl+ J.  The Bill and Income Reminders window will open.
  2. Click on Create New, then select  Paycheck.
  3. Follow the onscreen instructions.

    • If you select I want to track all earnings, taxes, and deductions, fill in the Setup Paycheck window with the appropriate information.

      • Click the Add buttons beneath each section to open a menu from which you can choose additional items.
      • Verify the Net Pay and W2 Gross amounts at the bottom of the window. If incorrect, double-check your figures.
      • Click Done when finished, select whether or not you want to enter year-to-date amounts for the paycheck, and then click OK.

        • If you select I want to enter the year-to-date information, fill in the Paycheck Year-to-Date Amounts window, and then click Enter.
    • If you select I want to track net deposits only, fill in the Setup Paycheck window with the appropriate information, and then click Done.
  4. (Optional) To set up your spouse's paycheck, repeat Step 1, and then click New in the Manage Paychecks window.

To edit or delete existing paycheck transactions, open the Manage Paychecks window by following the instructions in Step 1, select the paycheck transaction, and then click Edit or Delete.

 
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