On Sat, 05 Feb 2000 22:08:25 PST, the world broke into rejoicing as
Dave Peticolas <[EMAIL PROTECTED]> said:
> >
> > >>>>> On Sat, 05 Feb 2000 17:22:38 -0800, Dave Peticolas
> > >>>>> <[EMAIL PROTECTED]> said:
> >
> > >> is anyone keeping track of taxes in gnucash?
> > >>
> > >> I mean, when I record a paycheck, I go through and in the deposit
> > >> column put in "auto: fuel, 10.00", "auto: maintenance, 10.00",
> > >> "doctor, 6", stuff like that.
> > >>
> > >> now, i just looked at a pay stub, and I realized that i have no
> > >> idea what to put in for my taxes. federal, ssi, medicare, state,
> > >> sui/sdi all get a line, as do espp and 401k. but if i put in a
> > >> bunch of entries, i have to account for them on the same
> > >> transaction somehow, right?
> >
> > Dave> Right, one solution is to make the amount coming from 'Income'
> >
> > I am confused by the phrase "coming from income". Do you mean that
> > you have a category called income? Hrmm.... I have some thoughts,
> > let me know if this sounds feasible.
>
> Here is what I mean: let's suppose you make $1000 total income, and
> had $75 taken out for federal tax and $25 taken out for state.
>
> Create 4 accounts: Checking (Bank), Taxable Income (Income),
> Tax:Federal, and Tax:State (both Expense). Now create a multi-line
> transaction in the Checking account as follows:
>
> Split 1: Deposit $1000 from account Taxable Income
> Split 2: Payment $75 to Tax:Federal
> Split 3: Payment $25 to Tax:State.
>
> The total amount going into checking is $900, your net income.
> Your 'income' totals reflects the actual income you are getting
> and the taxes reflect how much you have spent on taxes so far.
Um.
Minor clarification...
I'd suggest not using the term "net income," as that can confuse
things. (There are too many meanings for the word from a tax
perspective.)
The transaction would be characterized thus:
- You have a deposit of $900, which is the amount that initially gets
entered in the checking account.
- The multi-line display will then need to add another 3 items to
reflect the incomes and expenses.
In "traditional accountant" debit/credit terms, it looks like:
DR CR
------------
Checking $900
Salary Income $1000
Tax:Federal 75
Tax:State 25
----- -----
$1000 $1000
===== =====
You may wish to call the $900, as an amount, your "net income."
But what it more precisely is happens to be a deposit into the
checking account.
Calling the $900 an income makes it seem as if it ought to be in an
income account, when that is certainly not the case.
--
Philosophy is a game with objectives and no rules.
Mathematics is a game with rules and no objectives.
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