On Feb 27, 2009, at 5:11 PM, Stephen Hicks wrote:
I was getting ready to prepare my taxes and a question occurred to me of how such should be entered into a ledger. In particular, my "income" account currently just gets the income I get in my paychecks *after* withholding. Would it be better to split it up whenever I cash a paycheck, like such? 2009/02/15 Cash paycheck Accounts:Checking $500.00 Expenses:Taxes:Federal $70.00 Expenses:Taxes:State $15.00 Expenses:SS/Medicare $15.00 Income:Salary Or am I being silly?
This is what I've always done.
Another related question is how to get this started...? I started my ledger on 2008/01/01, and my initial thought was to bring in the withheld taxes from 2007 from equity, but pulling an expense from equity seems like it might be an Evil thing to do (the reason I thought of it was so that when I got my tax refund in April, I wouldn't end up with a negative expense... which I guess would be a moot point if I did something like I was asking above).
You can use Equity for whatever you like, I don't see it being evil. John
