Workpapers - Calculate income tax on whole-dollar taxable income
Whilst showing Truncated balance is OK when comparing Taxable Income to the Tax Return, it doesn't solve the issue of the calculated tax amount to be posted into the ledger. A taxable income of $10,253 will result in tax @ 25% of $2,563.25 - Truncated balance does nothing to solve this. Tax should only ever be calculated on round dollars. If the taxable income was $10,253.52 then having Xero calculate the tax as $2,563.38 is pointless, as I still have to get my calculator out to determine the actual figure for my journal is $0.13 less than shown
Julian Versloot
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