[GNC] Set up GnuCash to track monthly net income considering taxes and pension fund contributions

[Simone Gaiarin]

Thanks for the reply Rich.

My main question is: is there a way to automate these calculations in
GNUCash or for each transaction I need to compute and input each component
of the income by hand?
I have read the GNUCash documentation but I was not able to figure out if
this is possible or not.

On Sun, Sep 19, 2021 at 8:32 AM Simone Gaiarin <simgunz at gmail.com> wrote:

> Hi all,
> I need help in setting up GnuCash to achieve the following goal:
> - Track my monthly net income (after taxes and pension fund contribution)
>
> Situation:
> I give a service that I invoice per hour and the cost paid by the customer
> consists of the following components:
>
> x: Cash payment = y + p1
> y: Service gross cost
> p1: 1st pension fund contribution = 0,02 * y
>
> On y I have to pay also:
> t1: tax I have to pay = 0,05 * y
> p2: 2nd pension fund contribution = 0,10 * (y - t1)
>
> Accounts:
>
> - Income
>
> - Bank Account
>
> - Tax
> - Pension fund
>
> Given that I pay out of my bank account the taxes twice a year and the
> contribution to the pension fund twice a year, the 'Income chart' report
> does not give me a clear view of my net income over the month.
>
> I tried to set up a tax table where I used some equivalent coefficients in
> order to automatically assign t1 to Tax account and p1, p2 to the Pension
> fund account (rather difficult given that here the tax and pension fund are
> computed in cascade), but I wonder if this is the correct strategy (the
> Pension fund account goes negative instead of positive for example).
>
> What is the correct way to proceed in order to obtain a monthly net income
> chart considering the taxes and pension fund contribution percent over each
> customer payment?
>
> Thanks
>
>