FICA Tax and/Pension Question
I created my plan and ran the reports On the taxes tab on the detail spreadsheet it is showing FICA tax payments for my wife in 2017 and 2021 to 2025. My wife does not work and has no income. She is 49 at this time. I am not sure why this is calculating tax for my wife.
Also, I input my pension which is a lump sum plus monthly amount. I am retiring on 6-30 in 2025 but when I enter the pension, it shows I am getting the entire amount for that year, when it should only be half. How do I best reflect the pension in year one, only receiving half the yearly amount?
Any thoughts are appreciated.
Sun, 12/18/2016 - 18:20
The FICA tax you see there
The FICA tax you see there could very well be the Medicare Tax:
That is typically split in our program between husband and wife and recorded in the FICA column.
To get a half your pension, you'd have to enter it as a special receipt for that year or enter a second pension that only lasts for the one year and for half the amount that is normal.