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What are the differences between personal and business taxes?
Personal taxes are paid by individuals on their income, while business taxes are paid by companies on their profits. Personal taxes are filed using a Form 1040, while business taxes are filed using various forms depending on the type of business entity. Personal taxes are based on individual income levels, while business taxes are based on the profits and expenses of the business.
Does getting paid weekly result in lower taxes being deducted from your paycheck?
Getting paid weekly does not result in lower taxes being deducted from your paycheck. The amount of taxes deducted from your paycheck is based on your total annual income and tax bracket, not the frequency of your pay.
What are the tax implications for a home-based business?
Tax implications for a home-based business include deductions for a portion of home expenses, such as utilities and mortgage interest, as well as potential self-employment taxes. It's important to keep detailed records and consult with a tax professional to ensure compliance with tax laws.
How does business tax work and what are the key factors that determine the amount a business is required to pay?
Business tax is a mandatory payment that businesses make to the government based on their profits. The key factors that determine the amount a business pays include its income, expenses, deductions, credits, and the tax rate set by the government. These factors are used to calculate the final tax liability of a business.
The most common form of business organization based on the number of firms is the publicly held corporation true or false?
False
What are considered acceptable business expenses?
Acceptable business expenses are determined based on the individual company. If the expenses are useful and do not seriously impact a company's bottom line they are acceptable. Expenses are acceptable for income tax purposes if the employee incurs them wholly and exclusively in the pursuit of the business activity and derives no personal benefit from the receipt of the money.
Calculate business interruption insurance?
The theory of calculating business interruption losses is relatively easy, but the application is very difficult and subjective. Theoretically the insured, based on the most common policy wordings, is entitled to lost profits plus continuing normal operating expenses incurred. Another popular version is lost revenue less saved expenses (or those expenses not necesarily incurred). Ordinary payroll may or may not be covered as a continuing expense based upon the wording of the policy. Insurance companies generally take the position that no depreciation is a continuing expense if the asset is destroyed or idle during the suspension of the business.
What is cash outflow?
Cash outflow refers to the net amount of cash that flows out of a business based on the ongoing operations of the business. The obvious example of cash outflow is expenses.
How do you determine how much child support you get when the father is self employed in New York?
It would be based on his net profit after acceptable business expenses.
What is the difference between Gross Income and Net Income as it is applied to the typical worker?
Gross income usually is the money someone or something has earned before any deductions such as taxes, expenses, or promotion has been deducted. If you are receiving money after such expenses have been deducted, you are receiving money based on NET income.
What of these must be budgeted based on an approximation of the previous month's expenses?
variable expenses
Which of these must be budgeted based on an approximation of the previous months expenses?
variable expenses
What are the differences between personal and business taxes?
Personal taxes are paid by individuals on their income, while business taxes are paid by companies on their profits. Personal taxes are filed using a Form 1040, while business taxes are filed using various forms depending on the type of business entity. Personal taxes are based on individual income levels, while business taxes are based on the profits and expenses of the business.
Does getting paid weekly result in lower taxes being deducted from your paycheck?
Getting paid weekly does not result in lower taxes being deducted from your paycheck. The amount of taxes deducted from your paycheck is based on your total annual income and tax bracket, not the frequency of your pay.
Should people report income earned from home based businesses?
Home based income is by far one of the best ways to earn extra income and work for yourself. Starting a business is also a smart tax move, because you can deduct all your "ordinary and necessary" business expenses. You will be taxed only on your net business income -- the profit left over after expenses. A Home based income should be reported. the following article gives good information regarding the topic- uwadmnweb.uwyo.edu/sbdc/pages_media/articles/articles/.../DOC805.PDF
Why is it difficult to budget for variable expenses?
It's dificult to budget for vaiable expenses because variable expenses change based on a number of factors.
How do you do the factory budget?
Budgeting and forecasting are business processes essential to a company's operations. Budgeting involves planning for revenues and expenses. Forecasting is a method of predicting trends based on historical and current.
