There’s a sale from US and after the deduction of RW Tax I should be given $4.25 but my balance shows $3.79. Am I missing something, and I submitted the W-8 form long back already.
Item price - $12
Can someone please look at this and clarify my doubt?
I don’t know if I can display those numbers so, I hid them anyway.
Your item price is $8. That’s the $3 and the $5 you’re seeing in your statement. The list price is $12, which is the $8 plus the $4 buyers fee. The deduction 's in red equate to an author fee of 37.5% which is correct if you’ve sold less than $3,750.
And based on the amounts, you’re having 15% tax withheld. If that right, based on your location, then it all looks right to me.
How did you arrive at the $4.25?
this calculation is wrong
$8.00 - 37.5% = $5.00
$5.00 - 15% = $4.25
You pay US withholding tax and author fee based on your gross income
$8.00 * 0.375 = $3.00
$8.00 * 0.15 = $1.20
$8.00 - $3.00 - $1.20 = $3.80
Thank you @Sealord and @SpaceStockFootage.
Seems I’ve been doing tax calculations wrong all these days. My math teacher was right, I really suck at math. And these taxes suck me equally good.
