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Do they use gross or net income on tax returns?
In some cases, yes. If the hospital is affiliated with the federal government (ie, a VA facility) your federal tax refund may be offset for any outstanding medical debt. In so…me states, a state or county owned facility may offset refunds issued from state tax returns. Also money owed on state run programs such as Medicaid and food stamps can be used as offsets on state refunds. Generally, however, if none of the above apply, the only way a hospital can obtain your tax refunds is to get a court order to attach the bank account where the refund is deposited. In that way, they can intercept any funds deposited into that account and apply it towards outstanding debt, but they cannot directly offset the return.
You pay tax on your adjusted gross income. This is not quite the same thing as gross income, but it's definitely not net either..
The gross income of ginger is 215 per week her deductions are 15.16 fica tax 29.33 income tax 2 percent state tax 1 percent city tax and3 percent retirement fud what is her net income?
The gross income of David Vaughn is 785 per week His deductions are 42.25 FICA tax 90.33 income tax 2 state tax 1 city tax and 3 retirement fund What is her net income for one week?
$605.32 :) :P
No. Gross will be what you make prior to any overhead expenses. For instance: You make a product using labor and material. Sales price less labor and material costs give you a… gross profit. From gross profit your overhead and taxes will be paid leaving you with a net profit. Net is always what is left over after everything has been paid.
Net income is what you get after tax, gross income is before tax.
Gross and Net Gross refers to the total and Net refers to the part of the total that really matters. Gross vs Net Income In accounting, for a P&L (profit and loss statement…, Gross profit, or Gross income, or Gross operating profit is the difference between revenue and the cost of making a product or providing a service, before deducting overheads,payroll, taxation, and interest payments. Net profit is equal to the gross profit minus overheads minus interest payable plus one off items for a given time period. Gross Margin vs Net Margin Gross margin is the ratio of gross profit to revenue. Net margin is the ratio of net profit to revenue. Gross is the profit from the transaction without deduction. Net is the profit from the transaction after deducting cost of goods and cost of the sale (manpower, taxes, rent, etc.)
There are several variables which will affect the answer such as the number of exemptions you claim, the state income tax rate, other state taxes such as unemployment and disa…bility, contributions to health insurance or retirement plans, union dues, etc. However, 70% - 75% or 252 - 270 is a rough estimate for a single person person with one exemptions.
Your annual income is generally your net income - what you earned (gross income) minus the taxes and pre-tax benefits you pay for prior to getting your paycheck (deductions).
The difference between gross pay and net pay is that gross pay is the amount that you receive before tax deductions and pay net is the money you take home after all the tax de…ductions
It means your gross income minus the net tax deductions, the tax deductions as federal income taxes, state taxes, Fica, medicare, SUI/SDI. Other taxes are not included, such a…s, life insurance, charity, or debts that are taken automatic from your paycheck.
Do I have to to file income tax returns for state of Maine if i filed a federal tax return and and have 0 adjusted gross income?
If you are a residentof Maine who is required to file a federal income tax return, you must file a Maine income tax return. If you are not required to file a federal retur…n, but do have income subject to Maine income tax resulting in a Maine income tax liability, a Maine return must be filed. You do not have to file a Maine income tax return if you meet all of the following requirements: 1) your Maine taxable income is $2,000 or less, 2) you claim yourself as an exemption on your return, AND 3) you are not subject to the Maine Minimum Tax. However, you must file a return to claim any refund due to you.
Jones bought an income property for which $47,000.00 was deducted from gross income for operating expenses. If the operating expenses are 30% of gross income, the value of the… property using a cap rate of 12.5%?