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What is the maximum deduction from an employees wages for child support and debt garnishment?
50% to 65% of net income
Which is typically answered with the income statement?
Income statements will show gross wages, Federal, State, Local withholding taxes, FICA tax and net pay.
How can you do oasdi taxable earnings?
Earned income wages salaries, tips, etc the amount from box 1 of your W-2 form and the net profit from self employment income is some of the income that is used to calculate the amount of OASDI (social security and medicare taxes) (FICA) that will be withheld or paid from your wages or the net profit from a self employed business.
Where do wages payable go on a statement of cash flows?
Wages payable goes on the "cash flows from operating activities" Either as an add or deduct to net income (when using the indirect method)
Is before taxes gross or net?
Before taxes refers to gross income, which is the total income earned before any deductions, such as taxes, are taken out. Gross income includes wages, salaries, bonuses, and other earnings. In contrast, net income is the amount remaining after all deductions, including taxes, have been subtracted from gross income.
Formula for net income?
Net income percentage = Net income / Revenue
Which section of the income statement does not report net of income taxes or net of income?
Trading account statement does not report net of income taxes or net of income.
Formula for net income percentage?
Net income percentage = Net income / Revenue
What are examples of earned income?
Earned income can include wages, tips, salaries, net earnings from self employment. Basically earned income is the money you make from working for someone else or from you working in the business you own. It is considered earned income if you worked for it.
What do the gross pay and net pay mean?
Gross pay is the amount of your earnings, wages, salary, tips, etc before any withholding is calculated to be withheld from the gross pay to equal what your net take home pay will be in your paycheck that will be issued to you. You should get this information from your employer payroll department as they will be the one that would know how much FICA, federal income tax, state income, local taxes, etc that they will have to withhold from your hourly pay or gross pay for the pay period. After the withheld amount for all taxes is subtracted from your gross wages (earned income) your paycheck will be issued for the net amount of your earning (wages).
What is the income?
Income - means wages or salary.
What are some examples of earned income?
Earned income can include wages, tips, salaries, net earnings from self employment. Basically earned income is the money you make from working for someone else or from you working in the business you own. It is considered earned income if you worked for it.
