| 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! |