What do I enter for wages
When entering wages do I enter gross wages or net?
Is this a worthwhile discussion?
Released April 2011, ProfitGauges is the simplest yet most efficient accounting program for your trucking business.
If you are entering an employees wages then it's easier to simply add the gross amount. You can separate the taxes if you want but it's not really necessary. In the end it's truly an expense to your company so it's not illegal keeping it together.
If you are adding your own wages and you're on a W-2 then I'd refer to the above. If you're just taking an owner draw then you'd just account for what you pull out.
TIP :: be sure that you do not pay yourself and then with that money go and buy something for work. Even with tax deductions you'll still end up paying a little so always remember to keep that separate. Again nothing illegal, you'll just be reducing your tax liability that way.
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