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What do you file on your US income tax form -- gross or true gross income?
Wiki User
∙ 13y ago
The total of all of your GROSS WORLDWIDE INCOME would be your GROSS INCOME that will be reported on your 1040 federal income tax return.
That is every amount that is income to you for the tax year.
Wiki User
∙ 13y ago
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Gross income minus less expenses is equal to net income true or false?
true
Do you have to file income taxes at age 80?
Age has nothing to do with whether or not you are required to file income tax returns. The deciding factor is your income and income sources as to whether or not you are required to file. I have had client who were told by friends or even personnel offices that they didn't have to file after a certain age or if they were retired. This is not true at all and can get you into serious trouble. It can also cost you far more than tax only with the addition of penalties and interest.
I run a small corporation, do I have to file a corporate tax return?
Corporations must file Federal tax returns every year, regardless of income or loss. The same is true in most states.
Merchandise Inventory is found on the income statement. True or false?
It is true that merchandise Inventory is found on the income statement.
If a child is claimed as a dependent how much can he earn before he is required to file a federal income tax form?
Assuming this child is unmarried, under 65, and can be claimed as a dependent on someone else's income tax return (for example, his parents' income tax return), a federal return is required if ANY of the following is true: 1) Unearned income is more than $900. 2) Earned income is more than $5450. 3) Your gross income was more than the larger of - a. $900, or b. Your earned income (up to $5,150) plus $300. 4) You have at least $400 in net self-employment income. 5) You owe uncollected Social Security tax on tip or imputed life insurance income. 6) You received any advance EIC payments 7) You had wages of $108.28 or more from a church exempt from Social Security. 8) You owe excise taxes on a retirement plan account or distribution. 9) A few other rare and arcane cases that are extremely unlikely to apply here. However, even if not required to file, you should file to obtain a refund of taxes withheld from your salary or if you are entitled to any refundable tax credits. You should also file if you received any Forms 1099-B or 1099-S (usually from the sale of stocks, bonds, real estate, or other property), even if the sale was at a loss or no profit in order to report your basis. If your state has an income tax, they may have different rules as to who must file a state return. Every state has different rules. Check the instruction booklet that comes with your state tax forms.
Gross income minus less expenses is equal to net income true or false?
true
Do you have to file income taxes at age 80?
Age has nothing to do with whether or not you are required to file income tax returns. The deciding factor is your income and income sources as to whether or not you are required to file. I have had client who were told by friends or even personnel offices that they didn't have to file after a certain age or if they were retired. This is not true at all and can get you into serious trouble. It can also cost you far more than tax only with the addition of penalties and interest.
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 is a different between net earning and gross earning?
Gross pay is equal to your salary minus any automatic (non-taxable) deductions such as health insurace and 401K deductions. True Gross pay equals your total salary. Example: An employee gets paid $10 per hour and works for 40 hours. They also have insurance and 401K deductions of a total of $49.80 automatically deducted. Gross pay = $ 350.20 (40 x $10.00 - $49.80) True Gross pay = $400.00 (40 x $10.00)
I run a small corporation, do I have to file a corporate tax return?
Corporations must file Federal tax returns every year, regardless of income or loss. The same is true in most states.
Spouse passes away with no beneficiary on his checking account.No will or children. Have talked with an attorney and was told to file a Heirship legal form. Is this true?
Yes, it's true.
Is it true that if you get an excellent education that you get an excellent income?
true
Merchandise Inventory is found on the income statement. True or false?
It is true that merchandise Inventory is found on the income statement.
Is the Gross National Product?
true
Which is true regarding income patterns in America?
The amount of taxable income depends on income earned.
If a child is claimed as a dependent how much can he earn before he is required to file a federal income tax form?
Assuming this child is unmarried, under 65, and can be claimed as a dependent on someone else's income tax return (for example, his parents' income tax return), a federal return is required if ANY of the following is true: 1) Unearned income is more than $900. 2) Earned income is more than $5450. 3) Your gross income was more than the larger of - a. $900, or b. Your earned income (up to $5,150) plus $300. 4) You have at least $400 in net self-employment income. 5) You owe uncollected Social Security tax on tip or imputed life insurance income. 6) You received any advance EIC payments 7) You had wages of $108.28 or more from a church exempt from Social Security. 8) You owe excise taxes on a retirement plan account or distribution. 9) A few other rare and arcane cases that are extremely unlikely to apply here. However, even if not required to file, you should file to obtain a refund of taxes withheld from your salary or if you are entitled to any refundable tax credits. You should also file if you received any Forms 1099-B or 1099-S (usually from the sale of stocks, bonds, real estate, or other property), even if the sale was at a loss or no profit in order to report your basis. If your state has an income tax, they may have different rules as to who must file a state return. Every state has different rules. Check the instruction booklet that comes with your state tax forms.
True or false federal income tax is proportional?
true
