Best Answer


User Avatar

Wiki User

โˆ™ 2014-04-02 20:58:07
This answer is:
User Avatar
Study guides

What is the body of law that governs the availability and use of federal funds

Who has the final word on how much money can be spent by a given agency or program under the separation of powers doctrine

How do you spell commitments

Which stage of disbursement accounting is also known as the accounts payable stage

See all cards
49 Reviews

Add your answer:

Earn +20 pts
Q: Gross income minus less expenses is equal to net income true or false?
Write your answer...
Still have questions?
magnify glass
Related questions

Is this statement true or false gross profit minus selling expenses equals net income?


What two basic elements of a budget are income and expenses True or False?


In merchandise business sales minus operating expenses equals net income is this statement true or false?


Unrecorded expenses result in an understatement of net income and owner's equity True or False?


Can you claim for false teeth on income tax?

You can use dentures as part of your medical expenses if you file a long-form Schedule A.

Total production costs should be equal to cost of goods sold in the proforma income statement. True or False?


Can medical expenses be a taxable deduction?

The IRS allows you to deduct qualified medical expenses that exceed 10% of your adjusted gross income for the year. Your adjusted gross income (AGI) is your taxable income minus any adjustments to income such as deductions, contributions to a traditional IRA and student loan interest.For example, if you have a modified adjusted gross income of $45,000 and $5,475 of medical expenses, you would multiply $45,000 by 0.10 (10 percent) to find that only expenses exceeding $4,500 can be deducted. This leaves you with a medical expense deduction of $975 (5,475 - 4,500).There is a temporary exemption from Jan. 1, 2013 to Dec. 31, 2016 for individuals age 65 and older and their spouses. If you or your spouse are 65 years or older or turned 65 during the tax year you are allowed to deduct unreimbursed medical care expenses that exceed 7.5% of your adjusted gross income. The threshold remains at 7.5% of AGI for those taxpayers until Dec. 31, 2016.Which medical expenses are deductible?The IRS allows you to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses. You can also deduct visits to psychologists and psychiatrists. Prescription medications and appliances such as glasses, contacts, false teeth and hearing aids are also deductible.The IRS also lets you deduct the expenses that you pay to travel for medical care such as mileage on your car, bus fare and parking fees.Ref: Google/TurboTax

One way to compute the total contribution margin is to add total fixed expenses to net operating income true or false?


How could you not like muffins?

they are gross FALSE

Prepaid expenses are an example of an expense True or False?


Value x Rate equals Income True or False?


True or False The Federal income tax on corpoations generates more revenue than the Federal income tax on individuals?


People also asked