restarting

[Russell Mercer]

Rob,

To build on what Maf. said, I have something similar.  I have pretax
income moved to a 401k plan.  At the end of the year, I want to be
able to see how much pretax income I had, and how much after tax
income I had.  Under income, I have A header for Salary, then a
sub-account for taxable and non-taxable.

My account with the same $100 income and 10% contribution to 401k, and
10% tax would be as follows:

Income:Salary:Non-Taxable:  $10
Income:Salary:Taxable:         $90
Asset:401k:                         $10
Expenses:Tax                        $9
Bank:Checking:                    $81

This is also useful because at the end of the year, I like to compare
my paycheck to Gnucash to make sure that the taxable income matches.
It is an extra step, but can be useful.

Russell

On Wed, Jul 7, 2010 at 8:34 AM, Maf. King <maf at chilwell.net> wrote:
> On Wednesday 07 July 2010 07:35:37 Rob Cussons wrote:
>> Hi Fred,
>>
>> thanks for that. It's actually a scheme where shares are bought on a
>> monthly basis but the payment is taken from your gross income, so you
>> aren't paying tax or national insurance. You also get two matching shares
>> per share you buy (max. 6 per month) providing you keep the share you
>> bought for three years. What type of account would this be best suited to?
>>
>> Thanks for your help,
>> Rob.
>
> Hi,
>
> Sounds like an asset account to me, if I understand you correctly.
>
> Say you get $100 salary, and are taxed at 10%,  I think the txn would look
> something like:
>
> Income:Salary                       100
> Asset:sharesXYZ         10.00  (2 shares costing $5?)
> Expenses:Tax               9.00
> Bank:Checking             81.00
>
> I'd suppose that the extra free shares might be a gift, but you would probably
> be best talking to a tax professional who knows about your local rules etc.
>
> HTH
> Maf,
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