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Accounting: Invoices, agent commissions, and taxes

 
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Mike Paul
Contributore Level V


Joined: 05 Oct 2021
Posts: 159
Location: Sacramento
PostPosted: Thu Apr 24, 2025 1:33 pm    Post subject: Accounting: Invoices, agent commissions, and taxes Reply with quote
Hey ya'll,

In terms of keeping good records, how do you track agent commissions and taxes withheld by paymasters?

Say I have a $3,000 invoice. Agent's take is 10% or $300. Then, the paymaster withheld taxes of $752.67 (about 25% of the $3K). The resulting check I received was for $1,947.33.

The way I used to do it: Invoice had a line item for $3000, then a 2nd line item for -$300 agent commission, and god only knows how I handled situations where taxes were withheld.

How do you pros do it? I'm using the cash method of accounting, not accrual.
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Mike Paul
Contributore Level V


Joined: 05 Oct 2021
Posts: 159
Location: Sacramento
PostPosted: Tue Apr 29, 2025 9:46 am    Post subject: Reply with quote
"Hire an accountant." They all said, in silence. ¯\_(ツ)_/¯
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Mike Paul
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Bruce
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Joined: 06 Jun 2005
Posts: 7973
Location: Portland, OR
PostPosted: Tue Apr 29, 2025 12:01 pm    Post subject: Reply with quote
I think "they" are right.

Smile

B
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I'm not a Zoo, but over the years I've played one on radio/TV. .
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Mike Paul
Contributore Level V


Joined: 05 Oct 2021
Posts: 159
Location: Sacramento
PostPosted: Tue Apr 29, 2025 12:03 pm    Post subject: Reply with quote
Booooooo! OK.
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Mike Paul
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todd ellis
A Zillion


Joined: 02 Jan 2007
Posts: 10523
Location: little egypt
PostPosted: Tue Apr 29, 2025 12:21 pm    Post subject: Reply with quote
It's the obvious answer. Mine is worth his weight in K1 forms.
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