How to add your Income Tax in Modeliks?
In this article, we will walk you through the simple steps of adding your Income Tax in Modeliks.
Modeliks makes adding your Income Tax a simple and seamless experience!
Let us begin 🌟
Step 1
To begin, click on the "Add Tax" button, which allows you to set up various tax types, and select Income Tax. Give your income tax a recognizable name that helps you easily identify it within Modeliks. In our example, we will name it as "Income Tax" ✅
Step 2
Next, enter your income Tax Rate - the applicable income tax rate for your business. This rate varies depending on your location and the specific tax regulations in effect. Ensure you have the correct tax rate information from the relevant tax authorities.
In our case, let's assume a Tax Rate of 20% ✅
Step 3
If your income tax rate is subject to change over time, indicate "Yes" and you can enter different tax rates for different periods. However, if your tax rate remains consistent, you can keep it as a single input. For our example, we select "No" ✅
Step 4
Choose the Frequency at which you fulfill your income tax obligations to the government. This can be monthly, quarterly, semi-annually, or annually, based on the regulations in your country. Select the appropriate payment frequency that aligns with your tax obligations.
For this example, let's choose a quarterly payment frequency ✅ Click "Next" to finalize the setup of your income tax calculation in Modeliks.
🔎 Remember to regularly review your Income Tax records in Modeliks to track accrued tax, payment amounts, and due dates.
📝 Edit your numbers
Keep in mind that blue-colored numbers are editable right at spot, black numbers are calculations and the arrow option allows you to paste the value to the end.
Alternatively, you can click on the edit icon that appears when you hover over the income taxes' name to make changes.
👀 Accrued Tax and the Paid Tax would always be different numbers ✔️
The accrued tax is calculated every month as a tax obligation. When you actually pay this tax obligation, depends on the payment frequency.
❣️ Don't miss out on our valuable video tutorials that provide guidance on effectively managing your Income Tax, Sales Tax & VAT, ensuring a strong foundation for your Tax management skills.
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