[GNC] How to record Personal income tax ?

[Adrien Monteleone]

The specifics would depend on requirements in your local jurisdiction, but the basics of recording a paycheck would be a transaction like the following:

Dr. Assets:Cash/Checking/etc.		2400
Dr. Expenses:Taxes:Income		 600
    Cr. Income:Salary/Wages/etc.		3000

If this is a different type of transaction like Capital Gains, the entry will be different as the tax may not be paid at the same time. The Tutorial and Concepts Guide covers how to record Capital Gains transactions.

Note, many basic transaction forms can be found in online accounting resources and texts. Whatever you are supposed to use for pen and paper, you can use in GnuCash.

As always, the caveat applies that this is *not* either accounting or tax advice. Always speak to a local CPA for professional and official guidance.

Concerning reports, there is a built-in Tax Report but my understanding is it is only designed for the US at this time, though I’ve seen discussion to add other jurisdictions. Until then, perhaps a Transaction Report would be the best tool. Depending on your accounting basis (cash vs. accrual) and your filing requirements, you might instead use an Income Statement (a.k.a. Profit & Loss report). Again, official CPA advice would tell you what info you need in the report, and likely even suggest a standard accounting report such as this.

Regards,
Adrien
    

> On Mar 19, 2020 w12d79, at 8:42 AM, Long <Phamhoanglongvn at outlook.com> wrote:
> 
> Hello,
> 
> I assume that my income for each month is 3000$, and my personal income tax
> about 20% of my total revenue.
> 
> So, How can i record that in gnucash?? And when i need a report, i just use
> transaction report?
> 
> Thank in advance for your help.
> Regards.