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Do you put an independent contractor as an expense or income in the general ledger?
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What is nonstatutory income?
Other income that you receive from your own business operations. Nonstatatutory income (independent contractor) self employed taxpayer
Is interest expense a selling or general and administrative expense?
Interest expense is neither selling or administrative, and it's too significant to be called a general expense. Interest expense is usually called a finance expense and is usually listed separately from SG&A, on the Income Statement
Is purchases an income or an expense?
it is neither an expense nor an income
What is the difference in percentage of income versus percentage of expense?
Income = expense + savings&investments Income = expense + savings&investments
Is purchase returns an expense or income?
it is neither an expense nor an income
What is nonstatutory income?
Other income that you receive from your own business operations. Nonstatatutory income (independent contractor) self employed taxpayer
Is store supplies expense a selling or general and administrative expense?
It is a selling expense to be accounted for on the Income Statement under Selling Expenses.
Where does utilities expense appear on the financial statement?
It typically falls on the income statement under general and administrative expenses.
Is interest expense a selling or general and administrative expense?
Interest expense is neither selling or administrative, and it's too significant to be called a general expense. Interest expense is usually called a finance expense and is usually listed separately from SG&A, on the Income Statement
Is purchases an income or an expense?
it is neither an expense nor an income
What is the difference in percentage of income versus percentage of expense?
Income = expense + savings&investments Income = expense + savings&investments
Is purchase returns an expense or income?
it is neither an expense nor an income
Is interest on fixed deposit an expense or income?
To the depositor, it is an income but to the bank or institution providing the fixed deposit as a product, it is an expense.
Is directors remuneration an expense or an income?
Its an expense
Is director remuneration is income or expense?
Its an expense
I'm a independent contractor,can my pay be garnished?
Yes, contractor income is subject to garnishment. Creditors can garnish wages, salary, commissions, bonuses, and other income paid to the defendant during the period of the writ; land contract payments; rent; and other periodic debt or contract payments. This would include contractor income subject to 1099 disclosure. All they have to do is locate who you are working for and serve them with garnishment papers.
Where does interest expense in the income statement?
Interest expense is shown at debit side of income statement because it is an expense for business.
