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Gross income minus less expenses is equal to net income true or false?
true
Do you have to file income taxes at age 80?
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.
If a trust or estate has business income reportable on Schedule C is true?
Yes, if a trust or estate has business income, it must report that income on Schedule C. This applies when the trust or estate is engaged in trade or business activities and is required to file Form 1041, U.S. Income Tax Return for Estates and Trusts. The income reported on Schedule C is then passed through to the beneficiaries or taxed at the trust or estate level, depending on the circumstances.
I run a small corporation, do I have to file a corporate tax return?
Corporations must file Federal tax returns every year, regardless of income or loss. The same is true in most states.
Merchandise Inventory is found on the income statement. True or false?
It is true that merchandise Inventory is found on the income statement.
Gross income minus less expenses is equal to net income true or false?
true
Why do lenders use gross income instead of net income when determining loan eligibility?
Lenders use gross income instead of net income when determining loan eligibility because gross income provides a more accurate picture of a borrower's overall financial capacity and ability to repay the loan. Net income can be influenced by various deductions and expenses, which may not accurately reflect a borrower's true financial situation. By using gross income, lenders can assess a borrower's income before deductions and get a clearer understanding of their financial stability.
Is it True or False that the stagerring cost of alchol related collisions is greater than the gross national income of half of the world?
True. The staggering costs associated with alcohol-related collisions, which include healthcare, lost productivity, and legal expenses, can be extremely high. In fact, these costs can surpass the gross national income of many countries, particularly those with lower-income economies. Therefore, it is plausible that the total financial burden of these collisions exceeds the gross national income of half of the world's nations.
Do you have to file income taxes at age 80?
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.
Is this statement true or false gross profit minus selling expenses equals net income?
Not really...Gross profit = Net sales - Cost of goods soldThe profit on an item is not dependent upon all of your operating expenses. You would include operating expenses to determine net income for the business, but not to calculate gross profit for the sale of inventory.
What is a different between net earning and gross earning?
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)
If a trust or estate has business income reportable on Schedule C is true?
Yes, if a trust or estate has business income, it must report that income on Schedule C. This applies when the trust or estate is engaged in trade or business activities and is required to file Form 1041, U.S. Income Tax Return for Estates and Trusts. The income reported on Schedule C is then passed through to the beneficiaries or taxed at the trust or estate level, depending on the circumstances.
I run a small corporation, do I have to file a corporate tax return?
Corporations must file Federal tax returns every year, regardless of income or loss. The same is true in most states.
Spouse passes away with no beneficiary on his checking account.No will or children. Have talked with an attorney and was told to file a Heirship legal form. Is this true?
Yes, it's true.
Is it true that if you get an excellent education that you get an excellent income?
true
Merchandise Inventory is found on the income statement. True or false?
It is true that merchandise Inventory is found on the income statement.
Is the Gross National Product?
true
