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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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For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that i

DaniilM [7]

Answer:

1. To reduce the company's tax bill, Jack uses total cost to value inventory instead of using product cost as required by law.

Competence: accounting records must follows applicable laws, regulations and standards, you must IRA and GAAP rules when preparing financial statements and tax reports.

2. Since Emilie works in the accounting department, she is aware that profits are going to fall short of analysts' projections. She tells her aunt to sell stock in the company before the earnings release date.

Confidentiality: accounting records must b confidential unless you are authorized to disclose them, and you are not authorized to disclose the information to your aunt.

3. Veronica pays a Mexican official a bribe of $50,000 to allow the company to locate a factory in that jurisdiction so that the company can take advantage of the cheaper labor costs. Without the bribe, the factory cannot be located in that location.

Integrity: you must abstain from performing illegal activities, and bribery is illegal.

4. There is a failure in the company's backup system after a system crash. Month-end reports will be delayed. Kayla, the manager of the division experiencing the system failure, does not report this upcoming delay to anyone since she does not want to be the bearer of bad news.

Credibility: you must report all relevant and important information regardless of whether that information will make you bad or not.

4 0

4 years ago

Who focuses on project interdependencies and helps to determine the optimal approach for managing and realizing the desired bene

son4ous [18]

Answer:

Program Project Manager

Explanation:

Program Project Manager focuses on project inter-dependencies and helps to determine the optimal approach for managing and realizing the desired benefits. An example of a program would be a new communications satellite system program, comprising projects for designing the satellite, constructing and integrating the individual systems and launching the satellite.

5 0

4 years ago

The three categories of manufacturing costs comprising the cost of work in process are direct labor, direct materials, and: ____

Artist 52 [7]

Answer:

C)) factory overhead

Explanation:

Manufacturing cost can be regarded as the sum of all the costs resources that is been consumed during the process of making a product. manufacturing cost can be classified as;

✓direct materials cost

✓ manufacturing overhead.

✓direct labor cost

It can be regarded as factor in total delivery cost. Direct Material Cost can be regarded as total cost that is incurred in purchasing of raw material and cost of other components such as packaging, as well as freight and storage costs by the company

It should be noted that The three categories of manufacturing costs comprising the cost of work in process are direct labor, direct materials, and factory overhead.

3 0

3 years ago

Following a self improvement plan takes a lot of discipline. a. True b. False

BARSIC [14]

The correct answer is B). True , this is true because trying to train yourself to do something is very hard , this is a fact because we all have something that distracts us believe it or not.

Planning to self improve your actions or thinking can be quite tricky due to daily habits and hobbies.

I hope this helps you.

8 0

3 years ago

Read 2 more answers

Ayayai Corporation had net sales of $2,404,500 and interest revenue of $37,700 during 2017. Expenses for 2017 were cost of goods

bulgar [2K]

Answer:

Ayayai Corporation

Income statement for the year end 2017

Net sales of $2,404,500

Interest revenue $37,700

Total revenue $2,442,200

Cost of goods sold ($1,466,900)

Gross Income $975,300

Administrative expenses ($214,700)

Selling expenses ($284,600)

Interest expense ($47,200)

Profit before tax $428,800

Tax rate is 30%. ($128,640)

Net Income $300,160

Explanation:

Multi-step income statement segregates the operational income and non operation income by calculating the gross income and net income as well. it shows that how much the business is earning from it operations directly and how much it earns after settling all the expenses of the business.

7 0

3 years ago