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Home > Money & Services > Taxes   »   Simple IRA

 
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Old Feb 3, 2007, 11:48 AM
ablaine11
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Simple IRA

Please help me code this for my personal financial stmt.
I contribute 3% = $90.15 of paycheck to my Simple IRA
The employer contributes 3% also.
I thought I was to do the following but I'm missing a credit.

Debit (increase) Simple IRA Asset account (EE + ER contrib) $180.30
Credit (increase) IRA Contrib by ER Income account $90.15 (doesn't seem right since not gross wages but is a benefit from ER)
Credit EE contribution somewhere??
Aren't I missing the $90.15 (EE contrib) expense account since that is being deducted from my gross wages and is an expense to self?

or

Debit (increase) Investment Contribution expense account ( EE contrib) $90.15
Debit (increase) Simple IRA Asset account (EE + ER contrib) $180.30
Too many debits!

Any help would be appreciated!

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