Use the following tool to estimate your quarter results and tax liability. Input your total expenses in various concepts and compute your results.
1. Input the addition of the total invoices ( IVA included, when applicable). The application will break down the amount into taxable amount (base) and IVA.
2. The items of Wages and Social Security do not include IVA and will be treated separately.
3. In the Table below you will see the breakdowns and balance of two concepts: amounts before IVA and IVA accounts..
4. Amounts shown in the bottom line are the liabilities of Income Tax and IVA respectively.
5. This is a guideline. It does not take into account possible allowances or negative balance to compensate.
See below the resulting tax liability
totals | Taxable Amounts | IVA Account |
---|---|---|
Incomes | ||
Expenses with IVA | ||
Expenses with no IVA | 0.00 | |
Balance | ||
Results | INCOME TAX | IVA |
Liability |
function filltable() //rellena la tabla para mostrar resultados, con los datos con IVA por ahora. { var total_ingresos = document.getElementById("dato1").value;
var total_gastos_con_IVA= SumaGastosConIVA();
var desglose_ingresos= desglosar(total_ingresos,0.21);
var desglose_gastos= desglosar(total_gastos_con_IVA,0.21);
var BaseIngresos= desglose_ingresos[0]; //ok var totalCuotaRepercutida=desglose_ingresos[1]; //ok var BaseGastos=desglose_gastos[0]; var totalCuotaSoportada=desglose_gastos[1]; //ok var BaseGastosSinIVA= SumaGastosSinIVA(); var balanceExplotacion = BaseIngresos - (BaseGastos+BaseGastosSinIVA); var balanceIva = totalCuotaRepercutida - totalCuotaSoportada; //ok var taxresult; if( balanceExplotacion < 0) { taxresult=0; } else { taxresult = 0.20 * balanceExplotacion; } var ivaresult = totalCuotaRepercutida - totalCuotaSoportada; document.getElementById("base_incomes").innerHTML = BaseIngresos.toFixed(2); document.getElementById("IVA_cuota_incomes").innerHTML = totalCuotaRepercutida.toFixed(2); document.getElementById("base_expenses").innerHTML = BaseGastos.toFixed(2); document.getElementById("IVA_cuota_expenses").innerHTML = totalCuotaSoportada.toFixed(2); document.getElementById("expensesnoiva").innerHTML= BaseGastosSinIVA.toFixed(2); document.getElementById("balance").innerHTML = balanceExplotacion.toFixed(2); document.getElementById("IVAbalance").innerHTML = balanceIva.toFixed(2); document.getElementById("taxresult").innerHTML = taxresult.toFixed(2); document.getElementById("IVAresult").innerHTML = ivaresult.toFixed(2); } function SumaGastosConIVA() { // Suma las 5 categorias de gastos con IVA tal como estan introducidos por el usuario; var expense1, expense2, expense3, expense4, expense5, totaltotalexpenses; x1 = 0, x2 = 0, x3 = 0, x4 = 0, x5 = 0; // cargo las variables con los valores introducidos y devuelve el resultado; x1 = parseInt(document.getElementById("Transport").value); x2 = parseInt(document.getElementById("Utilities").value); x3 = parseInt(document.getElementById("Advise").value); x4 = parseInt(document.getElementById("Advertisement").value); x5 = parseInt(document.getElementById("Other").value); totalexpenses = 0; if (isNaN(x1 + x2 + x3 + x4 + x5)) { totalexpenses = " Invalid input"; } else { totalexpenses = x1 + x2 + x3 + x4 + x5; } return totalexpenses } function SumaGastosSinIVA() { //suma los campos de los gastos sin IVA ; var expense1, expense2; expense1=0; expense2=0; // cargo los valores introducidos por el usuario; expense1=parseInt(document.getElementById("Wages").value); expense2=parseInt(document.getElementById("Social Security").value); totalexpenses = 0; if (isNaN(expense1 + expense2)) { totalexpenses = " Invalid input"; } else { totalexpenses = expense1 + expense2 ; } return totalexpenses } function desglosar(totalConIva, iva) { // devuelve un array con la base y la cuota de IVA a partir del total var base, cuota; base = (totalConIva / (1 + iva)); cuota = (iva * base); return [base, cuota]; }
The tax liability shown as “Income Tax” is the 20% of the Balance. This is the amount of tax that has to be paid at the end of the quarter. However it does not represent the total tax to pay in the year.
Read:Autonomo Tax Liability. How much will I pay?