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If you give a gift of 12000 for tuition to a nondependent can you take the 12000 off of your gross income BEFORE you calculate your income taxes?
Wiki User
∙ 15y ago
No...not deductible..if a dependent or not. It's a gift....as such, much morte than that and YOU could owe gift tax.
Wiki User
∙ 15y ago
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How you Calculate Provision for Income tax?
how to calculate provison for income tax
How do you calculate pretax net operating income?
How do you calculate pre-tax net operating income
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
To calculate disposable personal income you take personal income and subtract what?
individual income taxes
How do you calculate total operating income?
Gross ProfitLess: Operating expensesOperating income
How you Calculate Provision for Income tax?
how to calculate provison for income tax
Is tuition fee paid for self exempted from income tax in India?
No
How do you calculate pretax net operating income?
How do you calculate pre-tax net operating income
Net monthly income?
Net income is you income before taxes. To calculate take your pay before taxes(which is your gross income) and subtract it by the amount of taxes you have paid.i.eYou earned $200.00taxes paid -$ 50.00Net Income $150.00
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
How do you calculate selling gross?
The Sales Gross is the total mount of income for the selling of a product(s) or services before taxes
How do you calculate our annual income?
i am not good in maths, but generally we can calculate annual income by multiplying our monthly income by 12.. as if know how much is our monthly income.. similarly by multiplying, we can find annual income on behalf of weekly income, or daily income or even on hourly income...
Besides tuition what is one cost of attending college?
Missed opportunities to earn income
To calculate disposable personal income you take personal income and subtract what?
individual income taxes
How do you calculate total operating income?
Gross ProfitLess: Operating expensesOperating income
What formula would you use to calculate the net profit margin?
You take the Earning before interest and taxes (EBIT)/sales=Operating profit margin
Do i have to file 1098-T on my income tax 2014?
Form 1098-T is the form where tuition is reported to students who may have paid tuition. You do use this to complete your tax return.
