[GNC] How to record Personal income tax ?

[Eric H. Bowen]

Disclaimer: I Am Not An Accountant. But this is what works for me:

At the end of the year, from my last pay stub and/or W-2 form, I take 
all of the deductions from my paycheck and post them in my Income:Salary 
account directed to the various categories (i.e., Expenses:Medical for 
health insurance deductions, Expenses:Insurance for additional life 
insurance premiums, Expenses:Taxes:Federal for income tax deducted and 
Expenses:Taxes:FICA, :Medicare, etc. for the appropriate amounts. I date 
these transactions as of December 31st. Yes, you could do it throughout 
the year pay stub by pay stub, but...why?

Then I close my books for the year and figure my taxes. If I have any 
additional tax liability it goes on the books in the year in which I pay 
it...2020, for the 2019 taxes which I just completed filing. But, if I 
receive a refund (and I did), I post it as a debit to the 
Expenses:Taxes:Federal account and a credit to the Assets:Savings 
account (or wherever it was paid to) again, in the year in which I 
receive it.

As always, Your Mileage May Vary. But this seems to work for me----Eric.

On 3/19/20 10:03 AM, gnucash-user-request at gnucash.org wrote:
>
> ------------------------------
>
> Message: 9
> Date: Thu, 19 Mar 2020 09:32:04 -0500 (CDT)
> From: Long <Phamhoanglongvn at outlook.com>
> To: gnucash-user at gnucash.org
> Subject: Re: [GNC] How to record Personal income tax ?
> Message-ID: <1584628324913-0.post at n4.nabble.com>
> Content-Type: text/plain; charset=us-ascii
>
> Thank you so much for your help,
>
> I had read the capital gains and it's maybe hard to understand for me.
> I just want to make a report for me, not for government. I just want to know
> how much money i spent for tax. So for now, it's only transaction report?
>
> And i assume that i need to pay tax, one time every six month. What should i
> do in gnucash ?
> Income : 3000/month
> Income after 6 month is : 18.000
> Tax = 20%
> => i need to pay tax : 3.600
>
> Regards.