Donation update

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: $972.49

UK: 140.05 GBP which converts to $235.38

September:

US: $1058.47

UK: 312.62 GBP, which converts to $525.20

October:

US: $1831.11

UK: 380.57 GBP, which converts to $639.35

DE: 115.62 EUR, which converts to $156.09

November:

US: $2,675.64

UK: 266.94 GBP, which converts to $448.46

DE: 109.31 EUR, which converts to $147.56

December:

US: $3,338.72

UK: 198.75 GBP, which converts to $333.9

DE: 175.98 EUR, which converts to $237.57

January:

US: $4,040.38

UK: 152.05 GBP, which converts to $255.44

February:

US: $1,963.62

UK: 115.04 GBP, which converts to $193.26

DE:  100.74 EUR, which converts to $135.99

March 2014:

US: $1,779.33

UK: 1,072.99 GBP, which converts to $1,802.62

So, from July to March, the total adds up to be $21,014.41 USD

In my last post I donated $4,000, which brings this number to $17,014.41

Since 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: $9,259.37

But 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