Hi, I am doing a pay slip for myself. Does it deduct the expenses and then calculate the tax? With Net Pay
Hi, I am doing a pay slip for myself. Does it deduct the expenses and then calculate the tax? With Net Pay
Hi, I am doing a pay slip for myself. Does it deduct the expenses and then calculate the tax? With Net Pay
Hi Johnny – Yes, business expenses are tax exempt, so they won’t be included when calculating taxes for net or gross wages.
Expenses
So enter bills/mileage and mark them as paid by you and they'll automatically go into the expenses box.
Expenses are money that the company owes you. They don't come from Air as most people think. So you've already paid tax on that money you used to pay for the expense so the government lets you take that money out of the company tax free.
Tax
All the tax is calculated normally and automatically - remember we create all your returns.
Setup
If you've not setup employees before we strongly recommend importing the P2C file from your ROS account. That will have all the correct tax details for everyone, again we then set-up everything automatically.
Net/Gross
So you can pay yourself net or gross meaning if you only have 2,000 left in your bank account you can enter that and we calcuate the tax backwards so you know even with your 2k you'll have enough for your tax.
The Gross is opposite