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TAXABLE PROFIT should be your NET PROFIT from your business operations because that would be that amount that would be subject to all of the different taxes that you would be liable for on your NET profit from your business operation.
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Is taxable profit the same as net profit?
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.
Is foreign exchange gain taxable?
Foreign exchange gains are taxable but they are taxable with different rate of tax then actual normal profit of business.
What are business deductions?
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.
What percent of taxes are taken out of a profit sharing check?
The percentage amount will be determined by what your marginal tax rate is when the taxable amount of profit sharing amount is added to all of your other gross income when you are preparing your income tax return for the year.
What is taxable income?
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.
Is taxable profit the same as net profit?
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.
Is foreign exchange gain taxable?
Foreign exchange gains are taxable but they are taxable with different rate of tax then actual normal profit of business.
If you sell an antique and make a profit do you pay tax?
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.
How do you calculate profit or loss on surrender value of joint life policy?
Add up the amount of money paid into the policy since policy application or inception. Subtract from that amount the "surrender value". If the total is a positive number, that is the amount of your profit. If the total is a negative number, that is the amount of your loss. If you have a profit, the profit is taxable. If you don't surrender the policy and the policy pays a death benefit, the death benefit is typically not taxable.
Are taxes owed on the profit or gain from the sale of a car?
Any gain or profit from the sale of a car 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 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.
What is accumulated loss?
A loss (or losses) from previous years carried forward in order to offset future earnings. This reduces the tax burden for the years with profit as the accummulated losses are deducted from the taxable profit-
What is a tax loss?
In accounting terms, the tax loss is a loss that can be adjusted against a taxable profit figure in earlier period of trading.
Do you pay income tax when you sell your car?
With the exception of collectibles and/or antiques, cars usually lose value over time. However, 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 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.With the exception of collectibles and/or antiques, cars usually lose value over time. However, 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.
Do you have to pay taxes on cars you sell without a dealers license if you make a profit on it?
With the exception of collectibles and/or antiques, cars usually lose value over time. However, 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 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.
Can your profit share check be taken for back child support?
Any money designated as taxable income is subject to garnishment for child support.
Is buying or selling gold taxable?
If the gold is sold as an investment then the profit would be taxable as Capital Gains. If there was a lost then this could be claimed as a deduction. If the gold is bought/sold for personal use (i.e. jewelry then the purchaser must pay sales tax.
What are business deductions?
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.
