Tax Report and pre-tax deductions from salary/pay
Larry O'Leary
larryoleary at gmail.com
Sun Mar 28 01:41:09 EDT 2010
Okay. I have done some searching and couldn't seem to come up with a
good explanation or description of how to make this work.
What I have is a pretty straight forward way of tracking pay checks
from my employer:
Acme -- Split Transaction --
Fed Tax Exp:Tax:Fed 475.00
Soc Sec Tax Exp:Tax:Soc Sec 225.00
Med Tax Exp:Tax:Med 75.00
State Tax Exp:Tax:State 100.00
125 Flex Spending Liab:FSA 25.00
Checking 1 Asst:Checking 1 1000.00
Checking 2 Asst:Checking 2 100.00
Savings 1 Asst:Savings 1 1000.00
Earnings Statement Inc:Paychecks:Acme 0.00
Salary Inc.Salary 3000.00
Now, let's say that this is all I have for the entire year. I am now
ready to create a tax report or export to TXF. I can see in the Tax
Options that I need to assign my W-2 wages to the account Inc:Salary.
However, my real W-2 doesn't reflect 3000.00 as wages. Instead, it
reflects 2975.00. This is because the Liab:FSA amount of 25.00 was a
pre-tax deduction. I need some way of associated this with the W-2's
wages box. For example:
W-2 Wages = Inc:Salary - Liab:FSA
Now, I am aware that the example doesn't make a whole lot of sense
seeing that this would seem to imply that I want to subtract the
Liab:FSA account balance from Inc:Salary. What I really want to do is
subtract all the deductions (pre-tax) from W-2 Wages. Is this
possible? Or is this something that we are expected to do manually
when calculating taxes?
My goal is to get a report from GnuCash that will give me the exact
figures for all the necessary tax form/worksheet lines/columns.
Thanks in advance!
Larry
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