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Does the IRS require 1500.00 in cash giftsto be turn in for taxes?
Wiki User
∙ 9y ago
Under the US tax code gifts are not taxable as income. ("Winnings" are, so if you won the money in a lottery or contest, you do have to report it.)
There is something called a "gift tax", but you'd have to give a single individual considerably more than $1500 in a year for it to kick in.
As of 2014, the annual exclusion is $14,000 (and that's "per person per person" ... you can give any number of people $14,000 each, and a married couple can each give the same person $14,000, so if your parents are so inclined they could potentially give you and your spouse a combined total of $56,000 a year without paying gift taxes on it ... 14k from dad to you, 14k from dad to spouse, 14k from mom to you, 14k from mom to spouse), and the person taxed on gifts over that amount is the person giving the gift, not the person receiving it.
Wiki User
∙ 9y ago
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How do you calculate the net income after taxes with cash flows?
Cash flows are adjusted for depreciation transaction and then net income is arrised and from there taxes are deducted as well.
Are taxes charged when you receive a lump sum of cash?
Depending on the reason for you to be receiving a lump sum of cash taxes are most likely going to be required. However, the taxes owed may not be deducted from the amount you receive and you may have to pay the taxes later at filing time depending on the situation it may be beneficial to request whom ever is providing the cash payment to deduct taxes if possible.
What is the journal entry for cash deposited to bank?
The journal entry would be: Bank A/c Dr To Cash A/c
If you get paid in cash do you have to file taxes?
Legally yes.... you have to file taxes if you are paid in cash... Many times even cash payments are reported to the IRS via a 1099 form that the person/employer who paid you the cash will file,you would receive these 1099 forms just as you would the W-2 forms for standard taxes.... If you receive no 1099 form then you have to file as self-employed and still report your income.....
Why was there a need to require companies to prepare a statement of cash flows?
because otherwise there would be no cash
When cashing out a life insurance policy are cash value and net cash value the same?
The cash value of something is the value before taxes. Net or Netto cash value is after taxes.
If your face amount is 150000 what is your cash value?
You can't tell from Face amount. Check the policy for the cash value schedule. The Insurance Company should send you an annual statement. Call the company.
Do you have to pay taxes on cash received from welfare?
No
Did you pay your taxes this year is it a statement of cash flow or a income statement?
taxes payment is part of cash flow statement and not part of income statement.
How do you calculate the net income after taxes with cash flows?
Cash flows are adjusted for depreciation transaction and then net income is arrised and from there taxes are deducted as well.
Under what circumstances would a business require a cash advance?
Any business owner when they are tight in cash flow,they would require a cash advance, even individual people when they are out of cash, will use cash advance.
Are taxes charged when you receive a lump sum of cash?
Depending on the reason for you to be receiving a lump sum of cash taxes are most likely going to be required. However, the taxes owed may not be deducted from the amount you receive and you may have to pay the taxes later at filing time depending on the situation it may be beneficial to request whom ever is providing the cash payment to deduct taxes if possible.
What is the cash on family feud used for?
taxes and trips
Do you have to pay taxes on your life insurance cash surrender?
no
I received 9755.75 in cash but my cash register total 9735.55 what is the journal entry?
Banks have taxes.
How do you program alpha 580 cash register?
program taxes on a alpha 580 cash register?
Does taxes paid go on a balance sheet?
Taxes paid is part of cash book or cash flow statement and tax expense in income statement and tax payable is balance sheet item.
