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What is the result if the amount of net income of the year is less than the amount of dividends?
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How do you determine the amount of retained earning?
In any given period, the way you determine retained earnings is as follows: Beginning Retained Earnings Add: Net Income Less: Dividends to Shareholders Equals: Ending Retained Earnings
Are trust distributions taxable to the beneficiary?
Trust and Estate Income Distribution Deduction Taxable income earned by a trust or estate is taxable either to the trust or estate or to its beneficiaries but not to both. The trust or estate is allowed an income distribution deduction for income taxed to the beneficiaries. Beneficiaries receive Schedule K-1 informing them of the amount and types of income to include on their individual tax returns. Income passed through to the beneficiaries retains its original character (interest, dividends, capital gains, etc.). The income distribution deduction is the LESSER of: • Distributions less tax-exempt income included in distribution, or • Distributable net income less tax-exempt interest. Check here for more information: http://www.1041accountant.com/index.htm
What is the minimum yearly income in order to get your taxes refunded to you?
Your filing status would have an affect on this ans also and if you are a dependent on another individual taxpayers income tax return would affect the final numbers to. The amount that would be less than your standard deduction and exemption amount for your filing status and of course if you had some income tax withheld from your pay. Any of the amount above the your standard deduction amount and your exemption amount for the year would cause you to have income tax liability and this reduce the amount of any income amount that may have been withheld for the year.
If you earn less than 16000 do you get all your tax back?
You will not know this answer until you complete your federal income tax return correctly. If you are a single taxpayer filing your 1040 federal income tax return correctly with no adjustments to income using the single filing status the standard deduction and your exemption amount for the tax year 2009.If you are not a dependent on another taxpayers income tax return and if you are under the age of 65 for the tax year 2009 you can have 9350 free of federal income tax. 16000 less 9350 leaves 6650 of taxable income that will be subject to the federal income at your marginal tax rate for a single taxpayer from the 1040 instruction book the tax table amount would be 668.6,650 to 6,700 Income tax is 668 federal income tax liability for the tax year 2009It is possible that could qualify for some earned income tax credit and the making work pay tax credit if your qualify for them and complete your federal income tax return correctly and credits amount would reduce the federal income tax liability amount and could result in a refund when your income tax return is completed correctly.
How is a long term liability that is paid deducted from net income for the current year?
Long term liabilities do not get deducted from net income. Gross Income - Expenses = Net Income Net Income - Dividends = Retained Earnings. Paying a Long Term Liability has the following effects on the accounting equation. Decrease Assets (generally current as they are usually paid in cash) Decrease Liabilities (it's less you owe) Owners (stockholders) Equity is unchanged.
How can a company earn a large net income and have a small balance in retained earnings?
If the company started out with negative Retained Earnings, the ending balance would be less than their Net Income. Or, if the company paid out a large amount in Dividends.
How do you determine the amount of retained earning?
In any given period, the way you determine retained earnings is as follows: Beginning Retained Earnings Add: Net Income Less: Dividends to Shareholders Equals: Ending Retained Earnings
What is the result if the amount of net income for the year is less than the amount of the owner withdrawal?
It will reduce the owner's equity from business. For example Owner's equity at start $1000 net income current $100 Owner's Withdrawl $200 Owner's equity at end $900
When preparing the Statement of Retained Earnings the beginning balance should be followed by what to arrive and the ending balance of retained earnings?
net income (loss) less dividends
If you are a student and you only have reinvested dividends are you required to file and pay taxes?
It depends on your income. Your dividends will already have had basic rate of tax removed from them and if your income is less than your tax threshold allowance you could actually reclaim this tax. If you are unsure you should file a tax statement as it is YOUR legal duty to pay any tax you owe.
If a 14 year old child works babysitting afterschool and is paid cash 1500 or less per year does he have to file taxes does his parent have to claim his income on their taxes?
A child that has only earned income of less than $5350 for 2008 does not have a filing requirement nor do you have to report his or her income on your tax return and you can still claim him or her as a dependant. If, however, your child has other sources of "unearned" income (such as interest on a savings account, dividends, etc.) then the child may have a filing requirement. To figure out if the child with earned and unearned income has a filing requirement follow these steps: # Add $300 to the child's earned income. _______ # Minimum amount. _$850__ # Compare both amounts and enter the larger amount. _______ # Maximum Amount. _$5350_ # Compare lines 3 and 4 and enter the smaller amount. _______ # Enter the child's combined income (earned & unearned)_______ # If line 6 is more than 5 then there is a filing requirement. Hope this helps. www.irs101.blogspot.com
Do stock dividends always pay monthly?
No, stock does not always pay dividends at all much less monthly.
Are trust distributions taxable to the beneficiary?
Trust and Estate Income Distribution Deduction Taxable income earned by a trust or estate is taxable either to the trust or estate or to its beneficiaries but not to both. The trust or estate is allowed an income distribution deduction for income taxed to the beneficiaries. Beneficiaries receive Schedule K-1 informing them of the amount and types of income to include on their individual tax returns. Income passed through to the beneficiaries retains its original character (interest, dividends, capital gains, etc.). The income distribution deduction is the LESSER of: • Distributions less tax-exempt income included in distribution, or • Distributable net income less tax-exempt interest. Check here for more information: http://www.1041accountant.com/index.htm
Which is the result of using a more powerful motor to run an elevator?
The same amount of work is done in less time.
Are we required to report dividends less than 10?
Yes.
What is less developing nation?
a nation is said to be less developing if its per capita income is less than the desired amount level.i.e.Rs37000 according to the World Bank.
Will the 8000 be refunded or will just reduce your adjusted gross income?
The tax credit amount does not have any affect on your AGI nor on your taxable income amount. Your federal income tax liability if any will be reduced by up to the 8000 of your FTHBTC. If your federal income liability is less than the 8000 amount then you will receive a refund of the amount that is left. The 8000 FTHBTC is a refundable credit and if you do not have any federal income tax liability you will receive the 8000 amount as a refund.
