Income Tax Entry Screen.

Basically what is essential to this screen is to enter your income. Eg, if part of your income is from wages, then you can enter these details each week, fortnight or however it is payed. Then if you also earn some income from a part time business then enter those details... It is really that simple

You dont even have to read the rest of the information below, but its best to at least read it once as its like riding a bike, when you have read it once, it will be like reading it a thousand times. When you have ridden a bike once, you dont have to relearn how to ride it each time you get on it, as it comes naturally after that.

Date

What is necessary however is that you enter the date of the income, or rough enough. The future forecast calculator looks at the date the income came in and the current date according to the pc, and at what stage of the financial year you are at. It checks to see if you are at the begining of the financial year or if it is almost over.

So if it was almost over an amount of $1000 would make ver little change to the forecast calculator, but a few entries of $1000 in the first couple of months of the financial year will effect the forecast calculator. Because it uses this information to estimate what your tax liability may be and how much income you will make if this continues through the rest of the financial year

Forecast Calculator

What is great about the "Forecast Calculator" icon is you will be presented on ONE screen both sets of calculations. The top half of the screen is for standard income information. If you never use the forecast section at the bottom half of the screen then you dont have to enter the dates correctly as what is necessary is the income and the income tax, it uses this information and the government tax charts to determine your current tax liabilities.

Income Tax Calculator

The "Income Tax Calculator" at the bottom left of the screen is essentially for your current income. It is used by individuals who make income from business or contracting etc.. and are required to take tax out of this money themselves and remit to the tax dept.

Once you know your current tax bracket (supplied by the forecast estimate icon) you can enter the whole amount of the income and the percentage rate and this Income Tax Calculator will tell you how much to put aside out of this income. So essentially if you are a contractor and one week you make $500 and the next $2000 etc.. you can use this calculator to find out how much to put aside each week from each amount.

Remember that preventing tax problems is easier to do if you ALWAYS put aside the income tax as you earn the money. Its no point earning $10000 and spending it all and then trying to make that tax up on the next $10000. Because as you will discover you are not only trying to make up past tax but you also have to put aside the tax on the second lot of $10000 and that then becomes almost impossible, or at the least very challenging.

Income Tax Column

The income tax column on the chart is obvious, this is where you enter the income already taken out from wages etc.. but remember to also enter in amounts that you put aside or send to the tax office from any business or contract work, because as you will see on the ForeCast Screen it will show you instantly if you are behind in your tax liability, and obviously if you have put $1000 into a bank account for tax and not recorded it above the computer doesn't know this and will say you are $1000 behind.

Help

Whenever you see a question mark on one of the screens, this tells you that you can click this button to obtain instant help.

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