In this paper, we present a simple technique to approximate the performance union bound of a punctured turbo code. The bound approximation exploits only those terms of the transfer function that have a major impact on the overall performance. We revisit the structure of the constituent convolutional encoder and we develop a rapid method to calculate the most significant terms of the transfer function of a turbo encoder. We demonstrate that, for a large interleaver size, this approximation is very accurate. Furthermore, we apply our proposed method to a family of punctured turbo codes, which we call pseudo-randomly punctured codes. We conclude by emphasizing the benefits of our approach compared to those employed previously. We also highlight the advantages of pseudo-random puncturing over other puncturing schemes.