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How much interest can a couple earn before having to pay income tax?
Wiki User
∙ 14y ago
Married couple filing jointly both under the age of 65 not a dependent on another individual income tax return and no other gross worldwide income could have up to 18700 of interest income free of federal income tax for the tax year 2009.
Wiki User
∙ 14y ago
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How much does a retired couple have to make before they have to file income tax?
how much income can you earn as a retired couple before filing a tax return
A company's fixed interest expense is 8000 its income before interest expense and income taxes is 32000 Its net income is 9600 The company's times interest earned ratio is?
Formula for times interest earned = earning before interest and tax / interest expense Times interest earned = 32000 / 8000 = 4 times
The number of times interest charges are earned is computed as?
Type y income before income tax plus interest expense, divided by interest expense our answer here...
What do you mean by savings income?
I think what they mean is interest income earnt from having money saved in a savings account.
How do you calculate your net income after taxes?
Your income before taxes is your operating income, and your income after taxes is your "net" income. * + Net Sales (Sales - Returns) * - Cost of Goods Sold * ------------------------------------ * = Gross Profit (Gross Margin, Gross Income) * - Operating Expenses * ------------------------------------- * = Operating Income * + Gains (not related to usual operations) * - Losses (not related to usual operations) * ----------------------------------------------------- * = Earnings before Interest and Taxes * - Interest * - Taxes * ------------------------------------------------------ * Net Income
Is interest income reportable?
Earned interest is reported as income.
What do you mean by saving?
I think what they mean is interest income earnt from having money saved in a savings account.
What is the journal entry for accrued interest income from an investment?
Debit interest receivableCredit interest income
What is the journal entry to record accrued interest income?
debit interest receivablecredit interest income
Who should create the journal entry for interest income?
debit interest receivablecredit interest income
Is interest income is debit or credit?
Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.
Does revenue generally mean after expenses or before expenses?
Revenue is before expenses or other costs of doing business. Revenue may be goods or services sold, or rent income , subscription income, interest income, or many other forms of income.
