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Business net profit is adjusted for things like tax depreciation as well as some items which are not allowed by tax department as expense or income or deduction to arrive at taxable profit.
Net profit can be increased by income from non operating activities of business like dividend income or interest income etc.
these are expenses which are deducted from the income of a business and reduce their amount of taxable income. for example, the cost of a renting a store will be deducted from a stores profit.
Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute. The main questions put by most individuals in any jurisdiction are "what makes up my taxable income" and what tax rates should be applied such that I can work out my tax liability to the state. For example, suppose within a year, one person earned $100,000 from work, made $50,000 profit from selling stock, and won the lottery for $1,000,000. This person has, prima facie, an income of $1,150,000. However, some of this income may be taxed at a lower rate or perhaps not taxable at all. In most western countries, 100% of regular salary (above a certain threshold) is taxable and a portion of Capital Gain (ie profit from selling stock or real estate) is taxable.
No. At almost all levels one government exempts another...nd of course, governments are not businesses, they would be much closer to a Not For Profit organization, like the United Way or such, and wouldn't have any taxable income.
Business net profit is adjusted for things like tax depreciation as well as some items which are not allowed by tax department as expense or income or deduction to arrive at taxable profit.
Profit. They generate a lot of income for themselves.
Net profit can be increased by income from non operating activities of business like dividend income or interest income etc.
Wages, Interest, Rent, and Profit.
Banks profit from interest income and other charges they levy on their account holders.
these are expenses which are deducted from the income of a business and reduce their amount of taxable income. for example, the cost of a renting a store will be deducted from a stores profit.
Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute. The main questions put by most individuals in any jurisdiction are "what makes up my taxable income" and what tax rates should be applied such that I can work out my tax liability to the state. For example, suppose within a year, one person earned $100,000 from work, made $50,000 profit from selling stock, and won the lottery for $1,000,000. This person has, prima facie, an income of $1,150,000. However, some of this income may be taxed at a lower rate or perhaps not taxable at all. In most western countries, 100% of regular salary (above a certain threshold) is taxable and a portion of Capital Gain (ie profit from selling stock or real estate) is taxable.
If there is a gain or profit from the sale of any vehicle, the gain or profit is taxable and reported as a capital gain on Sch D of IRS form 1040. It is usually taxable on most state and local income tax forms. If the taxable income reported on the federal return is transferred to the state/local tax form, then there is no need to report it on the state/local return since it is included on the federal return.
A statement that records the income and expenditure of an organization such as a charity,whose main purpose is not the generation of profit.
To promulgate the organisation's interest whether those are profit or non profit making interests.
No. At almost all levels one government exempts another...nd of course, governments are not businesses, they would be much closer to a Not For Profit organization, like the United Way or such, and wouldn't have any taxable income.
Not exactly....they have to file lots of forms with the IRS and Treasury, some may call tax forms, but they actually file proving their non-taxability...not their taxable income. (And many are exempt on only certain income, not on everything they do). These forms are very complex and perhaps harder than Income Tax returns.