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3 years ago

What is the difference between gross income, taxable income, and adjusted gross income?

Business

2 answers:

lukranit [14]3 years ago

8 0

Answer:

Taxable income is a layman's term that refers to your adjusted gross income (AGI) less any itemized deductions you're entitled to claim or your standard deduction. You're not permitted to both itemize deductions and claim the standard deduction. ... The result is your taxable income.

Explanation:

melisa1 [442]3 years ago

6 0

Answer:

Here is what I found, I hope it helps

Explanation:

Gross Income contains all money you earn that is not expressly removed from taxation under the Internal Revenue Code (IRC). The part of your gross income which is currently subjected to taxes is Taxable Income. To arrive at the number of Taxable Income, expenses are deducted from gross income. For a year, your Gross Income applies to all your pre-tax earnings, while your Adjusted Gross Income is mostly smaller and refers to your income after tax deductions. I could not find the difference between Adjusted Gross Income and Taxable Income.

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3 years ago

If a firm's marginal costs _____ then its _____. Group of answer choices rise; output increases fall; best-response curve shifts

ziro4ka [17]

If a firm's marginal costs fall, then its price falls.

This is based on the principle that if the marginal cost of a product or firm rises, that implies that the firm is operating at a high fixed cost, thereby leading to an increase in the cost of production, which generally equates to products having a high price.

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2 years ago

How would you respond to the argument that it is impossible to judge how successful a project like this one would have been unle

ANTONII [103]

Answer:

Explain forecasting

Explanation:

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Forecasting allows one to project to a reasonable extent what the success level of a project would be, especially in terms of it's revenue, overall expenses before the project is carried out. A good forecasting tool is Forecast web application which provides future estimates of budget and task duration.

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3 years ago

Swifty Company's accounting records show the following at the year ending on December 31, 2022: Purchase Discounts $ 11300 Freig

Juli2301 [7.4K]

Cost of goods sold (Periodic System) = Beginning inventory + (Purchases, net of returns and allowances, and purchase discounts) + freight in − Ending inventory .

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The total sum that your company spent on expenses directly associated with the selling of goods is known as the cost of goods sold. Depending on the nature of your firm, this could also include raw materials, packaging, direct labor involved in making or selling the product, and items bought for resale.

First In First Out (FIFO), Last In First Out (LIFO), and the Average Cost Method are the three techniques that a business might employ when tracking the amount of inventory sold over a given time period.

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