QuickBooks estimates your Income Tax based on the categories assigned to your transactions, Isaev. I'll share more details below.
The income tax you owe is calculated by subtracting your allowable expenses from your total earnings. The tax is made up of various tax bands, meaning that as your income increases, so does the tax rate you pay.
On the other hand, the income tax amount you pay depends on how much your earnings exceed your personal allowance and the portion of your income that falls within each tax band.
Here are a few items that are currently not taken into consideration when reviewing your Estimated Income Tax:
- Mileage deduction
- Net VAT and CIS payments
- Tax allowance for vehicles and equipment
You can check this article for more information: Understanding Income Tax | QuickBooks Online.
Then, about the benefit amount of 12,570 that is not being fully taken, I recommend contacting our Live support team for further assistance. They have the right tools to securely access your account and provide guidance to ensure accurate calculations.
Here's how to connect with them:
- Go to Help and choose the Search tab.
- In the search field, type in contact support.
- Click the Contact Us button.
- Choose your preferred mode of communication to connect with our support.
- Follow the on-screen instructions based on your choice.
To ensure timely assistance, please check their support hours to know their availability. This will help you connect with them at a convenient time.
Additionally, you can create a payroll report to obtain a comprehensive list of your employees along with a summary of your company's payroll expenditures.
Thank you for reaching out, Isaev. It's a pleasure connecting with you. Feel free to revisit this thread if you have further questions about tax deductions or any other topics.
