Archive for November, 2008
How mucy should I put aside to pay income tax in Illinois?
Sang L asked: Hi, I am a Illinois resident and currently doing an internship in Florida.
I will be here only for 13 weeks and my expected income from this internship is $9880. I also have other sources of income from Illinois, so my expected total income for this year will be around 45~50K.
I heard [...]
How much income tax do savings cost?
MHrice73 asked: I’ve heard that you only have to pay income tax on savings accounts if you take out money. Is that true? If you do take out money how much do you have to pay. What if you took out money to pay for classes, will you have to pay less income tax; how [...]
How do you determine net income using a stockholder’s equity statment?
surfergirrl asked: I need to determine a company’s net income for 2009. I have 2008 and 2009’s stockholder’s equity statement. How do I determine net income?
Is the adjustable income on your taxes the same as your working wages on ur taxes?
iM HiS FiANCE asked: im filing a fafsa for school and its asking me about my adjustable income and my working wages….line 37 would be my adjustable income which gives me one amount…. and my working wages gives me another amount….heres where i get confused…line 38 says ” enter the amount from line 37 ( [...]
How net income and gross profit are likely to be affected after adding a new product line?
ahmedjg106 asked: hey guys
I have a question about net income and gross profit.
How gross income and net income are likely to be affected when a company add a new line beside their traditional line?
thanks
hey guys
I have a question about net income and gross profit.
How gross income and net income are likely to be affected when [...]
For the Foreign Income Exclusion, do any days of the physical presence test need to be within the tax year?
DAVID L asked: I am living in Argentina for an undetermined period of time.
1. For the Foreign Income Exclusion, do any days of the physical presence test need to be within the tax year?
2. If not, can I reuse the same physical presence 12 month period over and over (from year to year) as [...]
What if everyone in the world had the same income?
whatiship100 asked: I don’t know a lot about economics but I am curious about a little idea that popped into my head:
With the world’s current economic situation (taking into account how much money is in the world and how much income there is per capita for each country):
If everyone in the world had the same [...]
What % of yearly income to deduct health care from taxes?
smilinginside5 asked: How much of your salary do you have to pay in health care premiums and out of pocket expenses (like clinic bills) to be able to itemize them and use them as a deduction on your federal taxes? I’ve added it all up, premiums and out-of-pocket expenses, and co-pays at clinics and dental [...]
How to provide proof of income from a personal biz to purchase a home?
LearningOne asked: I am in the process of looking for a lender to purchase my first home. I recently started my own remodeling biz and like many others I am payed by personal check or cash. What will I expect to run into when speaking with a mortgage company or bank when I try to [...]
The net income reported on the income statement for the current year?
amy asked: The net income reported on the income statement for the current year
was 275,000. Depreciation recorded on fixed assets and amortization
of patents for the year were 40,000 and 9,000, respectively.
Balances of current asset and current liability accounts at the end
and at the beginning of the year are as follows
End Beginning
Cash $ [...]
