Withholding Tax
Paul Ogilvie
paul__ogilvie at hotmail.com
Thu Dec 7 03:24:33 EST 2006
Hi,
I am a new potential user of gnucash.
I have a question tho.
At the moment I work on contract under the withholding tax system.
This means that I invoice my employer and he deducts 20% tax and sends it to
the ird. If too much gets paid then I get it back with my return at the end
of the year.
At the moment I can get gnucash to work out my tax on the invoice. The
problem I have is that I need it not to add it to my income.
An example:
If I worked 8hrs at $16 and my withholding tax was 20%,
Then
Income Before tax would be: 16*8 = $128
Withholding Tax would be: 20% of 128 =$25.6
And Imcome After tax would be 128-25.6 = $102.4
What I get in Gnucash is it adding my tax to my income thus it thinks I
earned 128+25.6 = $153.6 which is wrong.
Any advice would be greatfully accepted
Regards
Paul
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