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Author Topic: Taxes  (Read 1420 times)

Offline Unbornio

  • Members
  • Posts: 662
Taxes
« on: December 24, 2009, 03:28:44 AM »
I've been wondering about this for a long time  :P.


TAX CALCULATION OVERVIEW: 2004

The financial department has finished calculating the bookkeeping records from last year. The figures have been submitted to the tax officials.

Total result last year: -10 338 780 USD
Withhold taxes during the year: 2 030 441 USD
----------
Tax level: 30%
Total true tax amount: 0 USD
----------
Taxes returned: 2 030 441 USD
-----

They return the tax at the end of the year?  :o Or is it because I'm -10 338 780 USD in red?

But either way, I'm enjoying the 2 030 441!  ;D
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Floris18

  • Former member
Re: Taxes
« Reply #1 on: December 31, 2009, 01:09:29 PM »
It is because for the books you didn't make any profit and tax is only calculated for profits. No
profits = no tax payment.

Offline Sigma

  • Members
  • Posts: 1920
Re: Taxes
« Reply #2 on: December 31, 2009, 08:42:36 PM »
You only pay taxes on your profits for the year.

BUT, you pay estimated taxes each month based on your profits the previous 4 weeks. This is to keep you from getting a massive bill at the end of the year.

So if you had some months where you were making profits the government takes some money.  But then  you have some months where you lost money, the goverment doesn't take anything.  

At the end of the year, they tally up each month's performance, see what the total was, and then generate the total amount that you should have paid in taxes throughout the year.  It may be higher than what you paid, it may be lower.  They will then cut you a check (or a bill) for the difference.

Offline Unbornio

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  • Posts: 662
Re: Taxes
« Reply #3 on: January 01, 2010, 09:29:12 AM »
Thanks.
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