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Rebant Nayak

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4y ago

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Continue Learning about Accounting

What does Year to Date mean on the paycheck stub?

How much money you have made so far this year, or the amount of taxes paid so far this year, etc.


Do you file an income tax return if you have made no money this year?

No, if you made nothing in the year. If you are self-employed and have filed in previous years, then you also need to file for the prior taxable year. There is big difference between money earned and what is considered a profit in self-employment.


What is provisions entry and why do the same entry on closing year?

At the end of accounting year, an enterprise is required to prepare financials (i.e. Cash Flow Statement, Profit and loss account and Balance Sheet).Provisions are to be made for certain liabilities like sales tax, Interest on loan etc. (Those which are ascertainable today, while closing a year) but need to pay in near future (next accounting year). These accounting expenses needs to be considered while making provisions and that's why provisions are made. Provisions are made at the time closing a particular year because expenses relating to coming (next) accounting year can't be booked as expense in current books. This is why provisions are made at end of every accounting year.


Does a 16 year old need to file a tax return if he made 2500?

I'm 18 and i made only $3000 last year. I do not have to pay taxes. That i know for sure, so you're in the clear. I believe you don't need to file taxes unless you make $5700+ a year. Age is irrelevant.


How soon does your credit report update when something is deleted?

1 year after the entry was made