One is money you earned each week from work; the other is money already saved :)
the difference between income and consumption
there is no difference.
a
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The income tax act focuses its concern on total income and the income tax rule focuses on which types of income are taxable. That is the biggest difference between the two.
Gross income is the difference between revenue and direct expenses while net income is the income from all activities of business whether oprating activities or other activities.
cost
Income statement & balance sheet.
You referring to 'income disparity.'
Revenues are earnings from sales of products and net income is the difference between revenues and expenses.
True. Profit is defined as the difference between earned income (revenue) and costs (expenses). If income exceeds costs, a profit is generated; if costs exceed income, a loss occurs.
The difference in tax rates between K-1 income and 1099 income is that K-1 income is typically taxed at the individual's personal tax rate, while 1099 income is subject to self-employment taxes in addition to income taxes.