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Gross income minus less expenses is equal to net income true or false?
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∙ 10y ago
true
Wiki User
∙ 10y ago
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Unrecorded expenses result in an understatement of net income and owner's equity True or False?
true
Can medical expenses be a taxable deduction?
The IRS allows you to deduct qualified medical expenses that exceed 10% of your adjusted gross income for the year. Your adjusted gross income (AGI) is your taxable income minus any adjustments to income such as deductions, contributions to a traditional IRA and student loan interest.For example, if you have a modified adjusted gross income of $45,000 and $5,475 of medical expenses, you would multiply $45,000 by 0.10 (10 percent) to find that only expenses exceeding $4,500 can be deducted. This leaves you with a medical expense deduction of $975 (5,475 - 4,500).There is a temporary exemption from Jan. 1, 2013 to Dec. 31, 2016 for individuals age 65 and older and their spouses. If you or your spouse are 65 years or older or turned 65 during the tax year you are allowed to deduct unreimbursed medical care expenses that exceed 7.5% of your adjusted gross income. The threshold remains at 7.5% of AGI for those taxpayers until Dec. 31, 2016.Which medical expenses are deductible?The IRS allows you to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses. You can also deduct visits to psychologists and psychiatrists. Prescription medications and appliances such as glasses, contacts, false teeth and hearing aids are also deductible.The IRS also lets you deduct the expenses that you pay to travel for medical care such as mileage on your car, bus fare and parking fees.Ref: Google/TurboTax
Prepaid expenses are an example of an expense True or False?
true
True or False The Federal income tax on corpoations generates more revenue than the Federal income tax on individuals?
false
Do revenue and expenses should be recorded in the same period to which they relate?
false
Is this statement true or false gross profit minus selling expenses equals net income?
Not really...Gross profit = Net sales - Cost of goods soldThe profit on an item is not dependent upon all of your operating expenses. You would include operating expenses to determine net income for the business, but not to calculate gross profit for the sale of inventory.
What two basic elements of a budget are income and expenses True or False?
true
In merchandise business sales minus operating expenses equals net income is this statement true or false?
False
Unrecorded expenses result in an understatement of net income and owner's equity True or False?
true
Can you claim for false teeth on income tax?
You can use dentures as part of your medical expenses if you file a long-form Schedule A.
Can medical expenses be a taxable deduction?
The IRS allows you to deduct qualified medical expenses that exceed 10% of your adjusted gross income for the year. Your adjusted gross income (AGI) is your taxable income minus any adjustments to income such as deductions, contributions to a traditional IRA and student loan interest.For example, if you have a modified adjusted gross income of $45,000 and $5,475 of medical expenses, you would multiply $45,000 by 0.10 (10 percent) to find that only expenses exceeding $4,500 can be deducted. This leaves you with a medical expense deduction of $975 (5,475 - 4,500).There is a temporary exemption from Jan. 1, 2013 to Dec. 31, 2016 for individuals age 65 and older and their spouses. If you or your spouse are 65 years or older or turned 65 during the tax year you are allowed to deduct unreimbursed medical care expenses that exceed 7.5% of your adjusted gross income. The threshold remains at 7.5% of AGI for those taxpayers until Dec. 31, 2016.Which medical expenses are deductible?The IRS allows you to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses. You can also deduct visits to psychologists and psychiatrists. Prescription medications and appliances such as glasses, contacts, false teeth and hearing aids are also deductible.The IRS also lets you deduct the expenses that you pay to travel for medical care such as mileage on your car, bus fare and parking fees.Ref: Google/TurboTax
Total production costs should be equal to cost of goods sold in the proforma income statement. True or False?
False
One way to compute the total contribution margin is to add total fixed expenses to net operating income true or false?
True
Prepaid expenses are an example of an expense True or False?
true
Value x Rate equals Income True or False?
False.
True or False The Federal income tax on corpoations generates more revenue than the Federal income tax on individuals?
false
Do revenue and expenses should be recorded in the same period to which they relate?
false
