Hello all,
The time has come to catch up on my charity donations. After this, I will have completed all of my promised donations, unless my actual tax rate differs from my projected tax rate of 35%.
I think that a good place to start for these donations will be correcting for the projected taz rate of last year. Last year, I projected that I would pay 35% in taxes, when I actually paid 15%.
I’ve only paid through June of 2013, so my 2013 tax rate will only need to be adjusted for those amounts. Between January and June of 2013, my net profit was $3,910.32. In order to adjust the tax rate from 35% to 15%, I need to pay out 20% of $3,910.32, which comes out to $782.06.
Now, I need to pay from July 2013 to March of 2014. For 2013, I will withhold the actual 15% tax rate, but for donations in 2014, I will withhold 35% so that I don’t get into trouble if the amount I owe in taxes increases this year.
I will post the excel photos that go with these payments. Amazon has a new feature in which they list out the payments that you have received, however, being a new feature, these reports can only go back to November 2013. So for November 2013 on, I will use this new feature. This adds a quirk to the calculations, because of the fact that Amazon pays authors ninety days after a month in which they’ve accumulated $100 in sales. Because I did not meet this criteria in any currencies other than GBP or USD until November, I will leave the calculations of the royalties accumulated in those months in other currencies out of the equation to avoid double counting them.
July:In the US, the books made $1,552.85.In the UK, the books made 17.68 GBP, which converts to $29.70 USD
August:US: $972.49UK: 140.05 GBP which converts to $235.38
September:US: $1058.47UK: 312.62 GBP, which converts to $525.20
October:US: $1831.11UK: 380.57 GBP, which converts to $639.35DE: 115.62 EUR, which converts to $156.09
November:US: $2,675.64UK: 266.94 GBP, which converts to $448.46DE: 109.31 EUR, which converts to $147.56
December:US: $3,338.72UK: 198.75 GBP, which converts to $333.9DE: 175.98 EUR, which converts to $237.57
January:US: $4,040.38UK: 152.05 GBP, which converts to $255.44

February:US: $1,963.62UK: 115.04 GBP, which converts to $193.26DE:  100.74 EUR, which converts to $135.99

March 2014:US: $1,779.33UK: 1,072.99 GBP, which converts to $1,802.62
So, from July to March, the total adds up to be $21,014.41 USDIn my last post I donated $4,000, which brings this number to $17,014.41Since I’m taking 35% off of that number for taxes, the profit is: $11,059.36.Out of that number, then, I paid for the cover for Mungus Book 1 and the cover for The Academy Book 2, both of which cost $650. I also paid $500 total in that time for editing.So, after subtracting 650 x 2 + 500, the number becomes: $9,259.37But then I must add back the correction for last year’s taxes, which was $782.06, which makes the total that is currently owed to MSF: $10,048.43!
WOW! That’s incredible! Over $10,000 more dollars!
Due to different limits of different payment cards of mine, I will be paying this in increments of $1,500. Below I have posted the first of these installments and am moving money around so that I can post the next payment receipt in a few days.
Thanks to everyone who supported the charity,
Chad