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How is my tax bill calculated?

How is my tax bill calculated?

Your tax bill is calculated using the information that you provided when you filled out your Tax Profile. Your Found app will take your current business profit, other income sources, deductions, tax credits, filing status, and a few other details, and will use that information to calculate your taxable income. Your taxable income is used to calculate how much you owe in federal, state, and self-employment taxes.

Every time you get paid, record an expense, or update your Tax Profile, your tax bill will update. Added $100 in expenses? You’ll see your tax bill go down, because your taxable income just decreased.

You can update the information in your Tax Profile at any point throughout the year, and your tax bill will automatically be adjusted. You can update it in your app menu, under the “Taxes” section.

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