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In the name of Allah Almighty, the most Merciful, most Beneficent.
Yes, giving away a fixed portion of SAVINGS from income is an obligation for the Muslims. But obligation is not for the poor. Only the rich who keep a certain amount of gold or silver, or currency kept safe for ONE year must give away 2.5% of that saved amount. The amount should be given to the poor relative, poor neighbours, orphans, travellers, and the needy. It should be kept in mind that the Muslim can give away this amount himself to the deserving Muslims. This amount is called ZAKAT.
What else can I help you with?
Which department provides subsidies for low and moderate income families which pays a portion of their monthly rent obligation?
Housing and Urban Development
What does the word charity imply to Muslims?
Zakat. This means 'charity' or 'giving'. Every year, Muslims give 2.5% of their income to charity, and because Zakat is one of the Five Pillars of Islam, it implies quite a lot to Muslims.
What is best definition of taxable income?
the portion of your income that is eligible for taxation
Your child's father doesn't work but his girlfriend does. Will she have to pay child support?
Of course not. A child's parents are responsible for her support. A girlfriend has no legal obligation to support your child. In some states, once the couple marries their joint income may be levied to pay child support. If the old girlfriend/new wife is the only income earner, a portion of her paycheck may be garnished to satisfy her husband's child support obligation.
Best definition of taxable income?
The portion of a persons income that is eligible for taxation
What portion of total income earned by Americans is unearned income or income other than earned income?
Mmhg
Is it legal to pay cash to your cousin who is your lawyer?
You can pay someone in any manner you wish; it's their obligation to report it as income, if it is income.
Can a non custodial parent write off his portion of babysitting fees?
No. It's your child. Your family. Your obligation. Clothes, food, toys, or care, custodial or not, you do not get to "write off" what it costs to support YOUR FAMILY. (And in this case, it's to have someone take care of your obligation so you can do something else). These are what you spend your after tax income on. Oh - the tax you pay...that takes care of them and you too.
How do you report 1099-R income on 1041?
The taxable portion goes on line 8, other income
How can you figure out what portion of your income is taxable?
In order to determine what portion of your income is taxable you will need to look at a schedule from the IRS. The IRS provides these updated schedules annualy and your taxable portion is based on the amount of money you make and any dependants you may have.
Income received in adv is current liability why?
Income received in advance is a current liability because you (or the company) has not fulfilled its obligation in earning this income. For example, say you sale computers and someone pays you $1,500 for a computer and you are going to have the computer to them in maybe 14 days, they have prepaid you in anticipation that you will fulfill your obligation and send them the computer. If anything happens and you are unable to fulfill this and send them the computer, you are liable to return the money they paid you for this. Once the computer is sent, the Income is then removed as a liability and is reported as earned income. The accounts used to record such a transaction are.. Debit Cash Credit Unearned Income Once the obligation is fulfilled we then remove this entry from unearned income by Debiting Unearned Income Crediting Income (many companies use Revenue)
Ex-wife's current husband's income is about 3 times what mine is. Will his income affect child support obligation?
Probably not. He isn't responsible for his stepchild.
