Kiana will report under the head of natural disaster and its compensation amount is also exempt.
- In income tax, there are a total of five heads of income viz
- income from salary
- Income from house property
- Income from profits and gain of business or profession
- Income from capital gains
- Income from other sources
- Each head of income describes different features of income that are taxable.
- Income tax is a tax levied on income or profits received by an individual or entity. Income tax is usually calculated as the product of tax rate and taxable income.
- Tax rates vary depending on the type and characteristics of the taxpayer and the type of income.
Thus, Kiana's loss results from a natural disaster that is exempt under section 10(10BC).
To know more about income tax refer : brainly.com/question/26316390
#SPJ4
The Company's preliminary Net Income can be determined as $575.
Preliminary net income = Total Revenue - Total Expenses
= $575 ($4,230 - $3,655)
Revenue:
d. Sales Revenue $680
f. Service Revenue $2,870
i. Service Revenue $680
Total Revenue $4,230
Expenses:
a. Wages Expense $1,700
e. Utilities Expense $1,360
h. Travel Expense $115
k. Advertising Expense $480
Total Expenses $3,655
Thus, the company generated a preliminary net income of $575 for the period.
Learn more about determining net income at brainly.com/question/19850768
Answer:
The money supply increases by $3300.
Explanation:
Money multiplier = 1/reserve ratio
= 1/0.4
= 2.5
the change in the money supply = deposit *multiplier -deposit
= $2,200*2.5 - $2,200
= $3300
Therefore, The money supply increases by $3300.
Answer:
private saving = $2700
Explanation:
given data
GDP = $10,000
Consumption = $6,000
Government spending = $1,500
deficit = $200
solution
we know here equation of GDP that is express as
GDP = Consumption + investment + Government spending ...................1
we consider here tax revenue that is = T
T - Government spending = - deficit
T = Government spending - deficit
T = $1500 - $200
T = $1300
so we can say from equation 1
( GDP - Consumption - T ) + ( T - Government spending ) = investment
and investment = private saving + public saving
so private saving will be
private saving = GDP - Consumption - tax revenue ................2
private saving = $10000 - $6000 - $1300
private saving = $2700
