Microsoft KB Archive/200937

Money 99: How Money Calculates Tax Worksheet Values

PSS ID Number: Q200937 Article last modified on 02-03-1999

WINDOWS:

WINDOWS

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The information in this article applies to:

 == Microsoft Money 99 == 

= SUMMARY =

This article describes the functionality of the Tax Worksheet in Microsoft Money 99 Financial Suite. You can use the Tax Worksheet to estimate the amount of taxes you may owe, based on your withholding status and other information in your Money file.

To view the Tax Worksheet, click Decisions on the Money navigation bar, click Tools in the left pane, and then click Tax Worksheet.

= MORE INFORMATION =

Money assigns categories for transactions to one or more category groups. Money analyzes the transactions in certain category groups to project your income and deductible expenses for the year and to calculate the values for most of the fields in the Tax Worksheet.

Because the Tax Worksheet is a planning tool, it uses the transactions you already recorded in your account registers to project the estimated value for each category group at the end of the year. To do this, Money uses the following methods:


 * If at least one future transaction in the Bill Calendar is assigned to a category in a specific category group, Money calculates the total value of all recorded and scheduled transactions in the category group, and then enters the sum in the appropriate field for that category group in the Tax Worksheet.
 * If no future transactions in the Bill Calendar are assigned to a category in a specific category group, Money calculates the value of all recorded transactions in the category group, divides the total by the number of whole months in the year before the current date, multiplies this value by 12, and then enters the value in the appropriate field for that category group in the Tax Worksheet.

The following table lists the category groups Money uses for each field in the Tax Worksheet:

Tab Field Category Group(s) ————————————————————————

Income Wages & Salary Salary Income

Income Interest & Dividends Interest & Dividends

Income Short-Term Gain Or Loss Short-Term Cap Gains

Income Mid-Term Gain Or Loss Mid-Term Cap Gains

Income Long-Term Gain Or Loss Long-Term Cap Gains

Income State Or Local Tax Refund State/Local Tax Refund

Income Alimony Alimony Received

Income Unemployment Unemployment Income

Income Other Income Other Income

Adjustments Tax-Deferred Retirement Funds Not calculated

Adjustments Self-Employment Tax Not calculated

Adjustments Self-Employment Health Insurance Not calculated

Adjustments Alimony Paid Alimony Payments

Adjustments Unreimbursed Moving Expenses Not calculated

Adjustments Other Adjustments Not calculated

Deductions Medical & Dental Medical/Dental Expenses

Deductions Real Estate & Other Taxes Real Estate Taxes State Tax Payments Other Tax Payments

Deductions Deductible Investment Interest Deductible Interest

Deductions Mortgage Interest Mortgage Interest

Deductions Charity - Cash Contributions Charitable Donations

Deductions Charity - Non-Cash Not calculated

Deductions Casualty Theft Or Loss Not calculated

Deductions Miscellaneous Deductions Non-Reimb. Job Exp.

Analysis Estimated Taxes Withheld Federal Taxes

To review the categories assigned to each category group, follow these steps:


 * 1) On the Money navigation bar, click Categories.
 * 2) Click View, and then click “Categories, Subcategories, and Their Category Groups.”
 * 3) Note the category group for each category and subcategory.

To move a category or subcategory to a different category group, follow these steps:


 * 1) In the category list, double-click the category or subcategory you want to move to a different category group.
 * 2) In the Category Group box, click the category group you want to use.
 * 3) On the Money navigation bar, click Back.
 * 4) Repeat steps 1-3 for each category or subcategory you want to move to a different category group.

Additional query words: w_money 7.0 toy

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========================================================= Keywords : kbtool mnyguide kbimu Version : WINDOWS: Platform : WINDOWS Issue type : kbinfo ============================================================================= Copyright Microsoft Corporation 1999.