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Author Topic: Income Tax (withheld)  (Read 1837 times)

Bettyb

  • Former member
Income Tax (withheld)
« on: December 26, 2010, 03:29:41 PM »
Anyone else find this a problem?
yesterday morning got up and had been changed 7mill putting my airline in the red, managed to get out of it and today just been charged 9 945 218 USD
Anyone else find this screws up your finances, and twice in two days?!

GDK

  • Former member
Re: Income Tax (withheld)
« Reply #1 on: December 26, 2010, 04:14:58 PM »
So you are saying you got charged income tax twice in 2 day?

Bettyb

  • Former member
Re: Income Tax (withheld)
« Reply #2 on: December 26, 2010, 05:13:03 PM »
yeah
is that normal? Surely its yearly!

On christmas morning my airline was in the red. This afternoon its done the same - both because of income tax payments of 7mill and 9 mill

Bettyb

  • Former member
Re: Income Tax (withheld)
« Reply #3 on: December 26, 2010, 05:18:44 PM »
I have a screenshot but no idea how to upload on here

Offline Sami

  • Administrator
  • Members
  • Posts: 14538
    • AirwaySim - Are you the next Richard Branson?
Re: Income Tax (withheld)
« Reply #4 on: December 26, 2010, 08:10:38 PM »
Nope, it cannot be charged twice.

if it's January, it involves first December taxes and then the whole year's "alignment"..

Ilyushin

  • Former member
Re: Income Tax (withheld)
« Reply #5 on: December 26, 2010, 08:26:20 PM »
I have a screenshot but no idea how to upload on here

Go to www.imageshack.us

Press browse, look for your screenshot, then Upload.

After uploading, use the Direct Link URL and put it between IMG tags
Just like this...

Code: [Select]
[img]http://img716.imageshack.us/img716/6655/aeroflightconcorde2.png[/img]
gives



Good luck ;D
« Last Edit: December 26, 2010, 09:25:51 PM by Ilyushin »

Bettyb

  • Former member
Re: Income Tax (withheld)
« Reply #6 on: December 26, 2010, 10:44:47 PM »
http://img828.imageshack.us/i/flightsimpic.jpg/

hope that works.
Sami that doesnt add up as ive been charged in July and Sept.


Offline Sigma

  • Members
  • Posts: 1920
Re: Income Tax (withheld)
« Reply #7 on: December 26, 2010, 11:30:54 PM »
Income taxes are paid monthly based on the profits/losses of the previous month.

In this case, since you made a profit in the in-between month (I assume August, I can't see the months in your image), you paid taxes on that profits in the month of September.

Come year-end you will get a refund on some/all of those taxes you paid based on the total losses for the year.  Since you have months with losses, you will be getting at least some of those taxes you paid back.

Going across your income statement (which I'll assume is monthly -- June through September)...

In June you made a profit of $27.9M -- you paid taxes of $9.3M in July based on your profits in June.
In July you made no profits, so you paid no taxes in August.  You'll actually get a refund on taxes come year-end based on this loss.
In August you made a profit again of $17.6M, plus it looks like you paid off a loan and that money is counted as well -- a gross profit of about $30M.  You paid taid taxes in September of almost $10M based on this profit.
« Last Edit: December 26, 2010, 11:35:03 PM by Sigma »

Bettyb

  • Former member
Re: Income Tax (withheld)
« Reply #8 on: December 27, 2010, 01:19:51 PM »
Got Ya!

Taxes were never my strong point, but yes think Im jumping the gun thinking i've been robbed - Robbed by the tax man imagine that!
 ;D

BettyB

ACfly

  • Former member
Re: Income Tax (withheld)
« Reply #9 on: December 27, 2010, 02:18:49 PM »
If you really want to minimize taxes... and as you get closer to year end.. I would top up my aircraft orders for the following year into this year.

Bettyb

  • Former member
Re: Income Tax (withheld)
« Reply #10 on: December 31, 2010, 03:42:32 PM »
Got about 10million back  ;D

Offline Jona L.

  • Members
  • Posts: 3361
Re: Income Tax (withheld)
« Reply #11 on: January 03, 2011, 12:01:47 AM »
I use taxes as a kind of a saving fund... paying them all the year, and order some dozens of planes "between the years" (24th-31st DEC) and get all of it back (usually around some 150M or more)

which are directly converted into new orders ;D

 

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