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Gross income.
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∙ 13y ago
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Can you refinance your mortgage if you're in Chapter 13 but have not filed income taxes since 2003?
You have to receive approval to change your 'plan' from the Bankruptcy court. Usually, if they approve; and , you can find a lender willing to refinance while you are in BK, this means the money you save is then used to pay more to your debtors. if that is what you want to do. Usually, lenders want to see you pay the plan to it's end and then refinance.
Can you please define refinance loans?
Refinance Loans are loans that are used from the equity in the home. the money from a refinance loan can be used to pay off bills or maybe you can have it set back for a day that it will truly be needed.
Can SSI payments be used to qualify for a home loan?
SSI is a valid income source and can be used to qualify for a home loan. With most lenders you can even use 25% more than the actual income amount to qualify since SSI is not taxed like other income types (this evens the playing field since employed people use their gross income when its known that it will be taxed before they can use it to repay the loan).
What is affordable housing?
Affordable housing usually refers to living quarters with housing costs that are considered "affordable" to those in the median income range. Ir is most commonly used to describe rental housing that is within the financial means of lower income individuals or families. Generally, affordable housing is considered to be at or under 30% of a household's gross income.
Is annual turnover the income of sales for a company?
Annual turnover is annual sales revenue. The money which is generated from selling a product or service. This must not be confused with annual income because income is associated with profits and with income tax while turnover is not! Turnover is the language used by businessmen when asked what their sales figures are for the month or year. It is also used as a management tool to manage and compare the performance of a business with previous years and also with market competitors. If the turnover is high, it does not mean the income is high, because turnover is simply the starting point before profits are calculated and before gross and net income can be ascertained.
How is adjusted gross income figured for IRS form used for medical expenses?
You adjusted gross income is figured the same way no matter what. When filing Schedule A of your return you will deduct either 7.5% or 10% of your adjusted gross income from your medical expenses depending on your age. You also have to deduct anything paid by your insurance. This only leaves the amount you paid out of pocket for deductibles, copays, and your percentage you actually paid after your deductible.
What is the difference between adjusted gross income and gross income?
Gross income on the 1040 income tax return is the total amounts of all of your worldwide taxable income added together that is on page 1 line 22 Total Income of the 1040 tax form. From the line 22 total taxable income you can have some amounts from line 23 through line 35 that can be used to reduce the gross taxable amount from the line 22 Total Income. The total amount of the adjustments form page 1 line 36 will be subtracted from the amount on line 22 Total Income and the reaming amount will be your adjusted gross income on line 37 and then that amount (AGI) will go to page 2 of the 1040 tax form line 38 for your AGI amount.
What is the Gross Domestic Income or GDI?
The Gross Domestic Income, or GDI, is total of all income of a country, both from services and products manufactured. It is used to evaluate economic activity based on income.
What dose gross and net mean?
Gross and net are often used to distinguish between an amount before a related expenses and after. For example, gross income and net income. If I earn $10,000 in a month that is my gross income. However, if I am taxed at 25%, I have to give $2,500 to the government. My net income is then $7,500 ($10,000 - $2,500).
Can child support payments be used to determine gross income for eligibility for public assistance?
yes
What is the between disposable income and discretionary income?
Formulas are: Disposable income = consumption expenditure + savings - support of others; Discretionary income = Gross income - taxes - necessities. Although denotatively wrong, disposable income is commonly used to denote discretionary income.
What is the different disposable income and discretionary income?
Formulas are: Disposable income = consumption expenditure + savings - support of others; Discretionary income = Gross income - taxes - necessities. Although denotatively wrong, disposable income is commonly used to denote discretionary income.
Gross vs net?
This is often used for income. "Gross income" is the total amount of money received, before including expenses in the calculation. Once you subtract expenses, you get "net income" - your actual gain.
What is the different between disposable income and discretionary income?
Formulas are: Disposable income = consumption expenditure + savings - support of others; Discretionary income = Gross income - taxes - necessities. Although denotatively wrong, disposable income is commonly used to denote discretionary income.
What is the difference between disposable income and discretionary income?
Formulas are: Disposable income = consumption expenditure + savings - support of others; Discretionary income = Gross income - taxes - necessities. Although denotatively wrong, disposable income is commonly used to denote discretionary income.
What is the definition for gross income?
The word gross is a verb (gross, grosses, grossing, grossed), an adjective (gross, grosser, grossest), and a noun (gross, grosses).The noun gross is a singular, common noun; a word for an entire body or amount, as of income, before necessary deductions have been made; or a count of 144 of something (a gross of pencils).The noun form for the verb to gross is the gerund, grossing.The noun form for the adjective gross is grossness.
An amount of income that is not included in your gross income is known as what?
Income tax exempt INTEREST INCOME but the amount that is exempt from income tax does have to be reported on your income tax return and is used in the calculations to determine if any amount of any social security benefits that you receive will become taxable income on your 1040 income tax return.
