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-requ...@gnucash.org wrote:
------------------------------ Message: 9 Date: Thu, 19 Mar 2020 09:32:04 -0500 (CDT) From: Long <phamhoanglon...@outlook.com> To: gnucash-user@gnucash.org Subject: Re: [GNC] How to record Personal income tax ? Message-ID: <1584628324913-0.p...@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.
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