Gross pay is equal to your salary minus any automatic (non-taxable) deductions such as health insurace and 401K deductions. True Gross pay equals your total salary. Example: An employee gets paid $10 per hour and works for 40 hours. They also have insurance and 401K deductions of a total of $49.80 automatically deducted. Gross pay = $ 350.20 (40 x $10.00 - $49.80) True Gross pay = $400.00 (40 x $10.00)
Age has nothing to do with whether or not you are required to file income tax returns. The deciding factor is your income and income sources as to whether or not you are required to file. I have had client who were told by friends or even personnel offices that they didn't have to file after a certain age or if they were retired. This is not true at all and can get you into serious trouble. It can also cost you far more than tax only with the addition of penalties and interest.
Corporations must file Federal tax returns every year, regardless of income or loss. The same is true in most states.
Yes, it's true.
They are made of peoples fat. it might sound gross but its true. so if you are addicted i would stop. seriously its gross but true.
It is true that merchandise Inventory is found on the income statement.
The amount of taxable income depends on income earned.