How do I calculate the correct tax rate?

As a light entrepreneur with business ID, you must estimate your annual income and calculate your tax percentage in OmaVero.

Calculating the tax rate is done in exactly the same way as you would calculate your salary income tax card for a new job. In addition to the annual salary income, you only now also estimate the annual income from business activities. You get the final tax rate by adding both incomes together. Add the total to the "estimate of salary" section.

All invoicing in our service is counted as earned income. In addition to that, other income you receive from paid work, for example, is counted as earned income. When you calculate the tax percentage in OmaVero, do not make an estimate of the annual business income, but only estimate the total earned income for the calendar year.

When you complete your tax return, in addition to your tax rate, you will see a summary of your income and deductions for the year. If you wish, you can download your tax card directly to your computer as a PDF file.

If you are also employed, give your employer a new tax card. Finally, add the tax percentage on the tax card to the section intended for the tax percentage of our service (settings), so that we can withhold the correct amount of advance taxes.

Example

In addition to paid work, Julia works as a sports coach in the evenings to earn more. Julia invoices a total of 4,000 euros per year, and she earns 30,000 euros per year from her paid work.

To figure out her tax rate, Julia needs to add up her salary income and her business income. In OmaVero, Julia enters 34,000 euros as her annual earnings (€30,000 + €4,000). This is how Julia can find out the right tax rate for herself.

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