0
Earned interest is reported as income.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Are benefits paid to employee striking reportable as income?
Union strike pay is taxable as income.
What is the minimum 1099 for interest expense?
According to the IRS web siteFile Form 1099-INT, Interest Income, for each person:To whom you paid amounts reportable in boxes 1, 3, and 8 of at least $10 (or at least $600 of interest paid in the course of your trade or business described in the instructions for Box 1. Interest Income on page 2"
What is the Minimum interest you have to report on 1040?
No legal minimum...it all is reportable
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 student loan reportable as income?
No, a student loan is NOT reportable income. Besides, it wouldn't make sense that immediate debt be considered income.
Social security says you had undeclared income but you know l did not have any reportable wages what should you do?
Not all income is wages. It can come from interest, rents, investments, pensions, etc.
Does unemployment have to be filed?
Unemployment compensation is income tax reportable.
Are benefits paid to employee striking reportable as income?
Union strike pay is taxable as income.
What is the minimum 1099 for interest expense?
According to the IRS web siteFile Form 1099-INT, Interest Income, for each person:To whom you paid amounts reportable in boxes 1, 3, and 8 of at least $10 (or at least $600 of interest paid in the course of your trade or business described in the instructions for Box 1. Interest Income on page 2"
What is the Minimum interest you have to report on 1040?
No legal minimum...it all is reportable
When do you not have to file Federal Income tax?
No reportable taxable income to be entered on a income tax return would be a good start of not being required to file a federal income tax return.
Income paid by the government to people who need it to live?
Welfare, assistance to needy families, supplemental security income, etc. are all non reportable income on the individual taxpayers income tax return.
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.
