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What is a term for net or final income?
A common term for net or final income is "net income," which refers to the amount remaining after all expenses, taxes, and deductions have been subtracted from total revenue or gross income. Another related term is "net profit," often used in business contexts to indicate profitability after all costs have been accounted for.
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.
What definition for the term expenses?
Expenses are the costs incurred by a business or individual in the process of generating revenue or maintaining operations. They can include various types of outflows, such as rent, utilities, salaries, and materials. Expenses are typically recorded on financial statements, impacting net income and overall financial health. Proper management of expenses is crucial for profitability and sustainability.
What is the term for Money left to spend after necessary expenses are paid?
Discretionary Income
What is a term for net or final income?
A common term for net or final income is "net income," which refers to the amount remaining after all expenses, taxes, and deductions have been subtracted from total revenue or gross income. Another related term is "net profit," often used in business contexts to indicate profitability after all costs have been accounted for.
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".
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.
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.
What definition for the term expenses?
Expenses are the costs incurred by a business or individual in the process of generating revenue or maintaining operations. They can include various types of outflows, such as rent, utilities, salaries, and materials. Expenses are typically recorded on financial statements, impacting net income and overall financial health. Proper management of expenses is crucial for profitability and sustainability.
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.
Summarize the seven steps for creating a good budget?
Creating a good budget involves seven key steps: Set Clear Goals: Define short-term and long-term financial objectives. Gather Financial Information: Collect data on income, expenses, and debts. Categorize Expenses: Break down spending into fixed, variable, and discretionary expenses. Create the Budget: Allocate income to each category while ensuring expenses do not exceed income. Monitor Spending: Regularly track expenses to ensure adherence to the budget. Adjust as Necessary: Revise the budget based on actual spending and changing circumstances. Review and Reflect: Periodically assess overall progress towards financial goals and make adjustments as needed.
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.
