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Difference between gross income and income?
Income is a general term referring to one's financial gain, whether earned or unearned, received as wages, or for services, from the sale of goods or property, or as earnings on investments over a given period of time. Gross income is the total income earned from all sources (e.g. wages, property) in a given period before expenses or taxes are deducted. Net income is the income or profit remaining after taxes and expenses have been deducted.
Do you have to claim short term disability payment on your tax forms?
If I collected Disability payments in 2013 - on what line (or are they exempt) do they appear as income - Are they considered wages?
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.
Can a person incur a net loss during a term and yet have more cash at the end of the term than he had to begin?
Yes. If you collect receivables from the previous period, you increase your cash, but not your income. If you recognize expenses that are due but not yet paid, you increase your expenses but do not decrease your cash. There are also non-cash expenses, such as depreciation and amortization that increase your expenses but have no effect on cash. You could also increase your cash through loans or additional capital investment.
What is the meaning of the term revenue?
Revenue means the income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted. Revenue is shown usually as the top item in an income (profit and loss) statement from which all charges, costs, and expenses are subtracted to arrive at net income. Also called sales, or (in the UK) turnover.
What is the term for Money left to spend after necessary expenses are paid?
Discretionary Income
Are long term care insurance premiums tax deductible?
Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expenses exceed 7.5% of the individual's income.
Is revenue another name for government income?
No. "Revenue" is any kind of income; it means "money collected". The government uses the word "revenue" to mean "money collected by the government", because the government is mostly concerned with how much money THEY collect, as opposed to somebody elses' revenue. The specific term for "government income" is a "tax".
Difference between gross income and income?
Income is a general term referring to one's financial gain, whether earned or unearned, received as wages, or for services, from the sale of goods or property, or as earnings on investments over a given period of time. Gross income is the total income earned from all sources (e.g. wages, property) in a given period before expenses or taxes are deducted. Net income is the income or profit remaining after taxes and expenses have been deducted.
Do you have to claim short term disability payment on your tax forms?
If I collected Disability payments in 2013 - on what line (or are they exempt) do they appear as income - Are they considered wages?
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.
Can a person incur a net loss during a term and yet have more cash at the end of the term than he had to begin?
Yes. If you collect receivables from the previous period, you increase your cash, but not your income. If you recognize expenses that are due but not yet paid, you increase your expenses but do not decrease your cash. There are also non-cash expenses, such as depreciation and amortization that increase your expenses but have no effect on cash. You could also increase your cash through loans or additional capital investment.
Do you include land in the income statement?
Land is an asset and fixed or long term asset of business and all assets and liabilities are part of balance sheet and not part of income statement so land is shown under long term assets in balance sheet.
What is the meaning of the term revenue?
Revenue means the income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted. Revenue is shown usually as the top item in an income (profit and loss) statement from which all charges, costs, and expenses are subtracted to arrive at net income. Also called sales, or (in the UK) turnover.
How can the margin interest on investments be deducted on US tax return?
You can deduct investment interest up to the amount of net investment income received. You report this on Schedule A using Form 4952 as a back-up computation. Defining net investment income can get a bit tricky. In general, it includes gross income from investment property (such as interest, dividends, short-term capital gains, and elected long-term capital gains), less any investment expenses (which might include expenses for investment publications and similar things).
What is ordinary income vs net income?
Oh, dude, ordinary income is like the money you make from your regular job or business, ya know, the usual stuff. Net income is like the money you have left over after you subtract all your expenses from your total income. So, it's basically what's left in your wallet after you've paid the bills... if you're lucky.
What is the term for legal expenses?
costs
