I suspect the problem is to do with the 'Target Framework' in project options.
I don't know how MonoGame works for Windows 8 but when you're developing for Android the target framework options are the different versions of Android [e.g. Android 2.2 (Froyo)]. When you create a regular class library you have choices between the different versions of the .NET framework or Mono [e.g. Mono / .NET 4.0].
Unfortunately, these frameworks are not compatible with each other. You can't add a project reference for Android to a .NET framework class library and visa-versa.
The solution is to use a Portable Class Library. They are specifically designed to deal with this issue. The downside is that you will only have access to the subset of assemblies provided in the lowest denominator you choose to target.
You might also want to consider code sharing between projects using linked files. It can make maintenance a little trickier but gives you a little more control over code that should compile in both target frameworks but doesn't fit into the portable class library. Here's a related question:
Project reference vs. file links in Mono multi-target projects
The key to all of this once you understand what's going on here is how you structure your solution. With a little care you can have nearly all your code shared across different platforms.