Income Essays & Research Papers

Best Income Essays

  • Income - 954 Words
    Income Inequality Paper The distribution of income in the United States has been growing more and more unequal since the 1980s, although there has been a slight decrease in the this distribution in the past decade. When focusing in on the 2nd and 4th quintile, it can be observed that the earnings gap increased between 1980 and 1990, but has continued to shrink since. Our text tells us that the three major market factors leading to income inequality are changes in supply ( the supply of...
    954 Words | 3 Pages
  • Taxation and Income Statutory Income
    Assessable income=ordinary income + statutory income. Ordinary income: income deriving from the courts (s6-5) Negative propositions: items that are not income by ordinary concepts: 1.Amounts not convertible into money :In Tennant v Smith (1892) free accommodation provided to a bank manager was held not to be ordinary income because building could not be sub-let and the benefit thereby converted to money. In FCT v Cooke & Sherden (1980) an incentive prize offered by a manufacturer was not...
    16,750 Words | 51 Pages
  • Income Tax - 1148 Words
    INCOME TAX NOTES Residential Status and Incidence of Tax According to Section 5 of the Income Tax Act the scope of total Income of an assessee depends on his residential status.On the basis of residential status assessee are classified under the following two categories: 1. Resident 2. Non-resident. As per as resident individuals and Hindu Undivided Families are concerned, they can be further divided into two categories: 1. Ordinarily Resident 2. Not ordinarily Resident....
    1,148 Words | 4 Pages
  • Tax and Income - 7630 Words
    Q _ Tran Nam Quan: Blue Bui Minh Tri Quy : Task 1: Which of the following items are income: Rent from a residential rental property rented by a young family? yes, ordinary income under sec. 6-5 A birthday gift ? No A dividend from BP? Yes, Statutory income under sec.44(1) ITAA 1936 Wages and Salaries from your employer? Yes. Ordinary income under sec 6-5 Bank Interest Received? Yes, Ordinary income under sec 6-5(2) Your boss takes you out to dinner? No An allowance paid...
    7,630 Words | 23 Pages
  • All Income Essays

  • Family Income - 794 Words
    “Family Income” Wage- Is the money amount receive daily for rendering service. Received by unskilled semiskilled, and skilled workers or blue-collar workers. A salary is the amount of money received monthly by professionals or white-collar workers. IN ADDITION TO WAGES OR SALARIES, SOME FAMILIES HAVE OTHER SOURCE OF INCOME THIS INCLUDE THE FOLLOWING: 1. Dividends from investments in bonds & stock. 2. Gifts from relatives & friends. 3. Inheritance. 4. Rentals from...
    794 Words | 4 Pages
  • Income Smoothing - 3021 Words
    Introduction The income smoothing literature has been the centre of attention in the accounting world for the past few decades. When companies experience economic turbulence due to a poor performance year, they turn to the accounting management department to resolve the bottom line. A strategy that managers can approach is changing the true information content of the company. As a result this has led managers to resort to smoothing their income. Many questions have been raised whether or not...
    3,021 Words | 9 Pages
  • Income Statement - 1328 Words
    PREVIEW OF CHAPTER 4-1 4 Income Statement Usefulness   Predicting future performance.  4-2 Evaluate past performance. Help assess the risk or uncertainty of achieving future cash flows. Income Statement Limitations  Companies omit items that cannot be measured reliably.   4-3 Income is affected by the accounting methods employed. Income measurement involves judgment. Income Statement Quality of Earnings Companies have incentives...
    1,328 Words | 16 Pages
  • Income Smoothing - 1761 Words
    Journal of Economics, Business and Accountancy Ventura Accreditation No. 110/DIKTI/Kep/2009 Volume 14, No. 1, April 2011, pages 59 – 78 THE THEORETICAL CONSTRUCTION OF INCOME SMOOTHING MEASUREMENT Alwan Sri Kustono Jember University E-Mail: Tegal Besar Permai 2-E1,Jember,Propinsi Jawa Timur,Indonesia ABSTRACT The income smoothing is a dimension of the accounts manipulation theme that has been a ttracting a great attention in the accounting literature. A...
    1,761 Words | 7 Pages
  • Income Elasticity - 258 Words
    Income Elasticity of Demand Income elasticity of demand may be defined as the ratio or proportionate change in the quantity demanded of a commodity to a given proportionate change in the income. In short, it indicates the extent to which demand changes with a variation in consumer’s income. Practical application of income elasticity of demand 1. Helps in determining the rate of growth of the firm. If the growth rate of the economy and income growth of the people is reasonably forecasted, in...
    258 Words | 1 Page
  • National Income - 833 Words
    Importance of National Income Statistics There are several important uses of national income statistics and, therefore, there is great need for their regular preparation. National income estimates provide not only a single figure showing the national income, but also supply the detailed figures in regard to the various components of the national income. It is both the figure of national income and the details regarding its various constituents that throw light on the functioning and performance...
    833 Words | 3 Pages
  • Income Tax - 782 Words
    University of Central Punjab * Assignment: Income tax return filling * Presented to: Prof Imran Shehzad * Presented by: Sami Elahi * Registration number: L1F11MCOM2077 * Date: 12-01-2013 Question (Case study) Tax year 2013 Mr. Sami is employee of a private company with following emoluments’. * Basic salary 60,000 PM * Medical allowance 8,000 PM * House rent...
    782 Words | 4 Pages
  • Employment Income - 880 Words
    oyment incomeEMPLOYMENT INCOME Source of Employment Income The basis of taxation on employment income is that income from exercising an employment in Malaysia is regarded as Malaysian derived income. All income attributable to the employment exercised in Malaysia is subject to Malaysian tax irrespective of where the remuneration is paid. Where an employee is required to perform his duties outside Malaysia, the entire remuneration is still chargeable to Malaysian tax if the services rendered...
    880 Words | 4 Pages
  • National Income - 1310 Words
    NATIONAL INCOME:- What is National Income? National Income is the sum that is total money value of all the goods and services produced in one accounting year. So when we talk about goods and services we are only talking about the final goods and services and not the semi processed, when we take the money value of all the goods and services produced within the domestic boundary on India only and to not other countries. CONCEPTS OF NATIONAL INCOME IN TERMS OF MARKET PRICE:- 1) Gross...
    1,310 Words | 5 Pages
  • Income Smoothing - 454 Words
     Classificatory smoothing of Income with Extraordinary Items - Summary Within this paper they talk about whether extraordinary items are used to smooth ordinary or operating income over time. The role of extraordinary items was never really looked at become separately and that is what they wanted to look at. They talk about how previously the focus was on net income after extraordinary items but that it is important to look at net income before...
    454 Words | 2 Pages
  • national income - 1017 Words
    NATIONAL INCOME Definition: According to Alfred Marshall, National Income is the labour and Capital of a country, acting on its natural resources, produced annually a certain net aggregate of commodities and in materials including services of all kinds. This is the net annual income or revenue of the country or the true national dividend. According to A.C.Pigou “ The national income dividend is that part of the objective income of the community, including, the income derived from aboard...
    1,017 Words | 4 Pages
  • Income Statement and Donation Revenue
    vHow are the hospital’s revenues and expenses grouped for planning and control? Patton-Fuller has two revenue categories; net patient revenue and other revenue. Patton-Fuller expense categories are; salaries and benefits, supplies, physician and professional fees, utilities, other, depreciation and amortization, Interest, and provision for doubtful accounts. The hospital’s revenue it broken up into two categories, the first being net patient revenue which consist of gross revenue...
    300 Words | 1 Page
  • Income Tax Mod 4
    Jessica Schmitt Income Tax 2 7-36: Lee Xanders Route 1, Box 2440 Mason, OH 45040 Dear Ms. Xanders As you are interested in the reorganization of Drab and Olive, please find the following information regarding three different types of consolidation, or reorganization; a “Type A” consolidation, a “Type C” or an acquisitive “Type D” reorganization. The advantages of a “Type A” consolidation include that consideration need not include voting stock. Up to 60% of consideration can be cash and...
    477 Words | 2 Pages
  • Comprehensive Income Accounting - 467 Words
    Comprehensive Income Accounting Companies generally include in income all revenues, expenses, and gains and losses recognized during the period. These items are classified within the income statement so that financial statement readers can better understand the significance of various components of net income. Changes in accounting principles and corrections of errors are excluded from the calculation of net income because their effects relate to prior periods. In recent years, there is...
    467 Words | 2 Pages
  • India Income Estimates - 477 Words
    who & how N.I estimated in India from time to time? (Muni) Write the history of national income estimates in India? What are the estimates of National Income before and after independence? Ans: Estimations of National Income before independence: Several estimates of National Income were prepared during the British period. The 1st estimate of national income was prepared by Dadabhai Nauroji for the year 1867 - 68. Accordingly the N.I and Per...
    477 Words | 2 Pages
  • Stars and Their High Incomes
    Last year many famous pop and sports stars earned millions of dollars each. Many other entertainment and sports personalities also have very high incomes. On the other hand, most people in 'ordinary' professions like nurses, doctors and teachers earn only a small fraction of the income of these 'stars'. What do you think about stars receiving very high salaries? Is it fair that jobs that directly help people are paid much less? Some people may argue that while those pop and sports stars are...
    426 Words | 2 Pages
  • Causes of Inequality and Redistribution of Income
    Question 3 Explain the causes of inequality and redistribution of income? Inequality of incomes is clearly not good as well if it results from government privileges. With the inequality, it can sets up perverse incentives. Inequality also arises from unequal labour market outcomes and from unequal ownership of capital driven by differences in human capital and discrimination. A Gino ratio can used to measure the level of inequality. When the Gino ratio increases, it means the income...
    1,469 Words | 5 Pages
  • summary of income concept - 2008 Words
    Income Concepts The emergence of income reporting as the primary source for investor decision making has been well documented, and income reporting aids economic society in a variety of ways. Income is important because company’s value is related to its current and future earnings. The Nature of Income Three basic concepts of income : 1. Psychic income, which refers to the satisfactions of human wants. 2. Real income, which refers to increases in economic wealth. 3. Money income, which...
    2,008 Words | 7 Pages
  • Methods of Estimating National Income
    National Income (Contd.) Methods used to measure National Income Calculating National Income There are various methods for calculating the national income such as production method, income method, expenditure method etc. Income Method: Different factors of production are paid for their productive services rendered to an organization. The various incomes that are included in these methods are wages, income of self-employed, interest, profit, dividend, rents, and surplus of public...
    569 Words | 4 Pages
  • Effects of Income Smoothing - 563 Words
    Today, earnings management methods, such as income smoothing, are becoming more and more ubiquitous ways of improving earnings quality and attractiveness to investors. Because investors pay such close attention to income levels and firm stability, such methods are coming under heavy scrutiny, and are receiving more attention in the way of research and studies. The scrutiny is an attempt to explain the effects, and whether or not, in the long-run, these methods of earnings management are, in...
    563 Words | 2 Pages
    THE DISTRIBUTION OF INCOME AND WEALTH Despite have long periods of economic growth during the late 1990s and 2000s, Australia has experienced rising inequality levels. In 2009-10, weekly household incomes ranged from $150 per week to up to $1450 per week. The mean weekly income was around $848, implying that the distribution is skewed and that there was a large amount of people earning lower incomes, whilst there is a small amount of people with higher weekly incomes. In addition, Australia’s...
    562 Words | 3 Pages
  • Classification and Format in the Income Statement
    CLASSIFICATION AND FORMAT IN THE INCOME STATEMENT Investors commonly assess a firm’s value based on the firm’s expected future sustainable earnings stream. To inform analysts and other financial statement users about sustainable earnings, firms often report income from recurring business activities separately from income effects from unusual or nonrecurring activities (such as asset impairments, restructuring, discontinued business segments, and extraordinary events). To provide more useful...
    503 Words | 2 Pages
  • Income Statement and Cash Flows
    E1-5 The following information was taken from the 2006 financial statements of pharmaceutical giant Merck and Co. All dollar amounts are in millions. Retained earnings, January 1, 2006 $37,980.0 Materials and production expense 6,001.1 Marketing and administrative expense 8,165.4 Dividends 3,318.7 Sales revenue 22,636.0 Research and development expense 4,782.9 Tax expense 1,787.6 Other revenue 2,677.1 Hint: Prepare income statement and retained earnings...
    310 Words | 3 Pages
  • Family and Income Earner - 1087 Words
    Application for Financial Assistance 2013 / 2014 Academic Year Please read and review the form and the instructions carefully before you fill it in and do not leave any boxes blank. PLEASE PRINT IN BLOCK LETTERS I. APPLICANT’S PERSONAL PROFILE 1 Name: ___________________________________________________________________________________ Family First Middle 2 Gender: Male Female 3 Date of birth: _____________/______________/______________ Month Day Year 4 Intended...
    1,087 Words | 12 Pages
  • Tax and Income Statement - 298 Words
    BYP2-2 1. (a) Work in Process Inventory  25,000 Raw Materials Inventory  25,000 (b) If this transaction was not corrected, the balance sheet would be affected. The Raw Materials Inventory would be overstated and the Cash is understated. 2. (a) Sales Bonus Expense   12,000 Cash  12,000 (b) If this transaction was not corrected, both the balance sheet and the income statement would be affected. The income statement would have the Sales Bonus Expense understated...
    298 Words | 2 Pages
  • Memorandum –to-the- File: Comprehensive Income
    Memorandum –to-the- File: Comprehensive Income Date: June 5, 2013 RE: Question about the definition or example of comprehensive income. Facts: I have been contacted by my client who has asked the question about the definition or example of comprehensive income. In recent years, there is increased use of fair values for measuring assets and liabilities. Furthermore, possible reporting of gains and losses related to fair value has placed a strain on income reporting. Because fair values...
    556 Words | 2 Pages
  • Taxation: Tax on Income (Philippines)
    ALLOWABLE DEDUCTIONS - A SEC. 34. Deductions from Gross Income. - Except for taxpayers earning compensation income arising from personal services rendered under an employer-employee relationship where no deductions shall be allowed under this Section other than under subsection (M) hereof, in computing taxable income subject to income tax under Sections 24 (A); 25 (A); 26; 27 (A), (B) and (C); and 28 (A) (1), there shall be allowed the following deductions from gross income; (A) Expenses. -...
    23,539 Words | 66 Pages
  • Balance Sheet and Net Income
    On January 4, 2010, Harley, Inc. acquired 40% of the outstanding common stock of Bike Co. for $2,400,000. This investment gave Harley the ability to exercise significant influence over Bike. Bike's assets on that date were recorded at $10,500,000 with liabilities of $4,500,000. There were no other differences between book and fair values. During 2010, Bike reported net income of $500,000. For 2011, Bike reported net income of $800,000. Dividends of $300,000 were paid in each of these two years....
    1,268 Words | 6 Pages
  • Income Distribution in Australia - 261 Words
    What is income? Income is the amount that is received in a given period of time. It is a flow of funds. How is income distributed in Australia? According to the ABS - in 1999-2000, the richest 20% of income units received 48.5% per cent of total income. The poorest 20% of income units received less than 4% of total income. Note: Income units are made up of one person or a group of related persons within a household, whose incomes are assumed to be shared. What are the main...
    261 Words | 2 Pages
  • Accounting vs Economic Income
    Accounting vs. Economic Income Abstract This paper explores further into two different peer reviewed articles, and one chapter of an accounting book. These articles express the dynamics of accounting and its perspectives. It also equates for how they are determined and the usefulness of the income based on changes in the value of credits and liabilities. In addition, it expresses the need for education in both forms of income, and specific training required to truly understand the...
    756 Words | 3 Pages
  • Multiple-Step Income Statement
    Chapter 4: E4-8, Instructions (a) Prepare a multiple-step income statement for 2012. Assume that 60,000 shares of common stock are outstanding. Brokaw Corp Income Statement For The Year Ended December 31, 2012 Sales Revenue Net Sales $1,200,000 Cost of Goods Sold 780,000 Gross Profit 420,000 Operating Expenses Selling Expenses $65,000 Administration Expenses $48,000 113,000 Income from...
    669 Words | 4 Pages
  • Hots: Net Income and Hotel
    HOTS 1. Introduction Crystal Hotel is a quality 3-star hotel, which has been operating for three years since taken over by a new management team. The goal for the new management team is to improve the hotel’s reputation, market share and financial performance in a competitive market area. This report consists of two main sections. First section is to analyse the objectives, strategies and outcomes of the business for first three years in detail. Secondly, a financial analysis such as total...
    4,548 Words | 21 Pages
  • Balance Sheet and Net Income
    DRAGON SOUP QUESTIONS – Professor Naughton Before our final class, please read the Dragon Soup case and analyze the associated Excel Sheet. Kerr had been given the task of valuing Dragon’s equity for a possible acquisition. He was told by his boss to assume a valuation of ten times sustainable earnings, plus the value of cash and marketable investments on the balance sheet. The Excel Sheet completes this calculation for you, based on inputs that are provided in the top portion of the...
    576 Words | 2 Pages
  • Income inequality: Causes and Trends
    Income inequality: Causes and Trends The distribution of wealth is extremely unequal in America and the whole world. This paper documents the growing inequality, and examines three reasons for its increase. The income growth for top earners is faster than income growth for the poor. This accelerated income growth for top earners would increase the income gap between top earners and the poor. In addition, income inequality between the poor and top earners in the US is becoming greater than in...
    2,651 Words | 8 Pages
  • Income Inequality and Poverty - 1116 Words
    20: Income Inequality and Poverty 1) Income Inequality and Poverty A person’s earnings depend on the supply and demand for that person’s labor, which in turn depend on natural ability, human capital, compensating differentials, discrimination, and so on. 2) THE MEASUREMENT OF INEQUALITY How much inequality is there in our society? How many people live in poverty? What problems arise in measuring the amount of inequality? How often do people move among income classes? 3) Table 1 The...
    1,116 Words | 5 Pages
  • Managerial Economics National Income
    Assaignment topics: Nature , conceps , measurement of nation income Classical and Keynes approaches nATIONAL INCOM E: ----The t otal sum of goods and services produced by t he people of a count ry wit h t he help of capit als and national resources called Nat ional Income (Prof. Alfred Marshall) We can define Nat ional Income as t he collective achievement of a nat ion. In t his way, t he Nat ional Income is t he aggregat e of t he individual incomes. (Prof. Gardner Ackley) Nat ional...
    2,713 Words | 11 Pages
  • Income Statement and Milestone - 2124 Words
    When should the milestone payments received to date by SolvGen be recognized as revenue? A: FASB codification (605-28) milestone method SolvGen Inc. is gonging to use the milestone method to recognize the revenue. The milestone method is a recently issued method of recognizing revenue for research and development arrangements under which consideration to be received by the vendor is contingent upon the achievement of certain milestones(FASB codification (605-28) milestone method)....
    2,124 Words | 6 Pages
  • Requirements for Reporting Comprehensive Income
    Requirements for Reporting Comprehensive Income FASB topic 220-10-45 outlines what is required for companies to report comprehensive income (CI). To do this, the entity must report CI either in a single continuous financial statement or in two separate but consecutive financial statements. If an entity prefers to report CI in a single continuous financial statement, then the entity must report the components in two sections entitled net income and other comprehensive income (OCI). For both net...
    845 Words | 3 Pages
  • Income Tax Contribution - 1935 Words
    Chapter - I - Introduction 1.1-Focus of the Study This is the age of management information system (MIS) in the business world, which enables management to provide the appropriate information at optimal cost so manager can manage in private as well as government organizations. MIS can be defined as the system, which provides proper information that helps management to take management decisions in a timely fashion. Therefore the information served by management information system is...
    1,935 Words | 7 Pages
  • Homework: Variable Cost and Net Income
    Kathryn Blink Homework Week 4 The following information relates to Exercises 5-11 through 5-18: Summit Manufacturing, Inc. produces snow shovels. The selling price per snow shovel is $30. There is no beginning inventory. Costs involved in production are: Direct material $5 Direct labor $4 Variable manufacturing overhead $3 Total variable manufacturing costs per unit $12 Fixed manufacturing overhead cost per year $180,000 In addition, the company has fixed selling and...
    715 Words | 4 Pages
  • Cemex and the Low Income Construction Market
    Cemex Case Write-up Cemex and the Low Income Construction Market * Cemex’s target market in Mexico does not realize their dream home, while they can afford it. * Cemex’s revenue comes from big-ticket/large scale customers, middle- and upper-income individuals, and low income/do-it-yourself homebuilder customers. The sales for low-income customers only drop 10-20% during 1994 Mexico crisis. And Cemex see large market potential in low-income customers market. Thus, Cemex’s target...
    710 Words | 3 Pages
  • Income Statement Comparison: Amgen and Gilead
    Liqi wang Accounting Income tax Both Amgen and Gilead are fully disclosed the income tax information according to GAAP requirements. Both companies recorded income tax in financial statement such as income statement and specified the detailed components of income taxes. Amgen recorded income tax based on pretax income, applicable tax rate and tax planning opportunities available in various jurisdictions. Gilead’s income provision was computed under liability method....
    683 Words | 2 Pages
  • Sports: Income and College Athletics Revenues
    Should Athletes be paid? There is controversial about should athletes be paid or not. Athletes work hard and try managing their time with practicing and schoolwork. They have a lot of pressure to be independent and find a job. Athletes have school and sport practice so it is hard for them to find a job that compatible with school and practice. Athletes are not being paid by people money or tax; in fact, the revenue they make, they get from it. If the athlete making millions and all the...
    257 Words | 1 Page
  • Pros and Cons of Depend on Tourism Income
    Written assignment (Unit-5): Many places in the world, for example Bali or Thailand, depend on tourism as the main source of income. What are the pros and cons of this? Pros and Cons of depend on tourism income Tourism is travel for recreational, leisure or business purposes and dynamically developing sectors of external economic. Tourism income is vital for many countries, Egypt, Thailand and Caribbean due to the income generated by the consumption of goods and services by tourists....
    433 Words | 2 Pages
  • Income, Health and Well-Being around
    Journal of Economic Perspectives—Volume 22, Number 2—Spring 2008 —Pages 53–72 Income, Health, and Well-Being around the World: Evidence from the Gallup World Poll Angus Deaton T he great promise of surveys in which people report their own level of life satisfaction is that such surveys might provide a straightforward and easily collected measure of individual or national well-being that aggregates over the various components of well-being, such as economic status, health, family...
    9,520 Words | 46 Pages
    FOREIGN TRADE UNIVERSITY Faculty of Economics and International Business Topic: Determinants of Income Distribution Inequality in Vietnam Group 5B: Lê Thị Hồng Hạnh Lê Huy Hoàng Đỗ Trung Kiên Mai Diệu Ly Đặng Thị Thúy Vân Lecturer : Nguyễn Thị Hải Yến TABLE OF CONTENT INTRODUCTION 1 1. Literature review of determinants of income inequality 2 2. Income distribution inequality in Vietnam 7 2.1. Situation .. 7 2.1.1. Gini index 8 2.1.2. Income...
    7,713 Words | 27 Pages
  • Us Gaap and Ifrs Difference in Income Statement
    Income Statement Income statements present an ordered list, grouped by broad categories of revenues and expenses. The income statement begins with revenues followed by a list of expenses. U.S. GAAP and IFRS requirements for the presentation of income statements are similar, with some important differences. *Other than separating revenues from expenses, U.S. GAAP provides little guidance about which items the firm must separately display or their order. IFRS requires, at a minimum, the...
    730 Words | 3 Pages
  • Rising Income Does Not Necessarily Determine a Rise in Happiness
    Abstract People always say that “money can buy happiness”, but whether that is true or not depends on how we look at it. This paper discusses to what extent that money can bring happiness to one and how such effects will change after earning a certain level of income. The rich views a rise of their income as insignificant contribution to their happiness because their spending power rises together with their income. The poor views a rise of income as a means to escape poverty hence feeling a...
    2,633 Words | 7 Pages
  • Should Parking Fines Be Based on the Driver's Income?
    Should parking fines be based on the driver’s income? Parking fines are almost always awarded as the same penalty charge, regardless of the perpetrator’s income. The effect of this is that the fine costs more to the poor than it does to the rich. Is this fair? To answer this, we must consider whether or not those that earn more have a right to a lesser punishment. In a capitalist society, one of the key values is the incentive. This is what drives people to be their most productive, and...
    409 Words | 2 Pages
  • Difference in High, Middle and Low Income Countries.
    According the to World Bank a countries income level is determined by it’s Gross National Product (GNP) per capita, which is the value of all final goods and services produced in a country in one year (gross domestic product) plus income that residents have received from abroad, minus income claimed by nonresidents divided by its population.("How We Classify Countries,") This measure is an indication of how well the population in a country lives. When comparing country income levels there are...
    1,107 Words | 3 Pages
  • Income Tax Planning Wrt Individual Assesee
    “PROJECT REPORT SYNOPSIS” Name:-Jaspreet kaur bindra Institute:- GNIM&IT Purpose- This Income Tax Planning in India with respect to Individual Assessee MBA Project covers the basics of the Income Tax Act, 1961 as amended by the Finance Act, 2007 and broadly presents the nuances of prudent tax planning and tax...
    496 Words | 2 Pages
  • Single Step vs Multi-Step Income Statement
    E4-4 (Multiple-Step and Single-Step) Two accountants for the firm of Allen and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2012 information related to Webster Company ($000 omitted). Administrative expense Officers’ salaries $4,900 Depreciation of office furniture and equipment 3,960 Cost of goods sold 63,570 Rent...
    921 Words | 6 Pages
  • How to Report Earthquake Damages in the Income Statement
    MEMORANDUM TO: Chief Financial Officer FROM: Controller DATE: August 4, 1990 SUBJECT: How to Report Earthquake Damages in the Income Statement CHHS Inc. has suffered extensive damages due to the after math of the October 17, 1989 San Francisco Bay Area earthquake that hit at a 7.1 magnitude on the Richter scale. Twelve of the twenty-two stores have been closed for a varying period of time due to the large damages that occurred. In total, damages have summed...
    695 Words | 3 Pages
  • Effects of Tax Income on Labor Supply and Ad
    I. Introduction One of the most commonly discussed issues in economics is how tax rates relate to economic growth. Advocates of tax cuts claim that a reduction in the tax rate will lead to increased economic growth and prosperity. Others claim that if we reduce taxes, almost all of the benefits will go to the rich, as those are the ones who pay the most taxes. Specially, we truly care about how tax rates can lead to the changes in labor supply and aggregate demand (AD). What does...
    5,047 Words | 14 Pages
  • Computation of Taxable Income of Individual, Huf and Firms
    TAX ASSIGNMENT On Computation of taxable income of individual, HUF and firms COMPUTATION OF TAXABLE INCOME OF AN INDIVIDUAL What is included in income of an individual? While computing taxable income of an individual, the following points should be considered— Nature of income | Tax treatment | Income earned by the taxpayerShare of profit from a HUFShare of profit from a firm assessed as firmSalary & interest from the aforesaid firmShare of profit from an association of...
    3,158 Words | 9 Pages
  • Relationship between Charitable Donations and Income in the city of Karachi
     Introduction One of the measures of the goodness of a nation, particularly its middle class, is its level of civic engagement. According to the World Giving Index 2012, a survey of giving behaviors compiled by Charities Aid Foundation using data gathered by Gallup, Pakistan ranks at number 85 out of a total of 153 countries. The World Giving Index measures charitable behaviors in three key areas: donating money, volunteering time and helping a stranger. Pakistan’s position in the global...
    1,036 Words | 5 Pages
  • Indian Tax Act: A Short Article on Business & Professional Income
    Professional and Business Income In this article we will discuss about Professional and Business Income and as interpreted by the Indian Tax Department. We will understand what the Professional and Business income means by definition, identify key differences between the two and how each are interpreted by the Indian Tax Department. What is Business and Professional Income? A business income is earned from trade, commerce, manufacture or earnings gained from invested capital on...
    606 Words | 3 Pages
  • Determinants of Household Income at Redd+ Project Site in Southern Leyte, Philippines
    DETERMINANTS OF HOUSEHOLD INCOME AT THE REDD+ PROJECT SITES IN SOUTHERN, LEYTE1/ INTRODUCTION Nature and Importance of the study Loss of forests, through deforestation and forest degradation, has been estimasted to account between 12% and 20% of global greenhouse emission per annum (Saatchi et al 2011). While hundreds of upland dwellers depend on agriculture and forest resources as their main sources of income, the government on the...
    3,597 Words | 14 Pages
  • Impact of Saccos Oh Household Incomes of the People of Buikwe District
    10,432 Words | 35 Pages
  • Tax Amendments to File Income-Tax Return for Ay 2013-14
    Tax amendments to file Income-Tax return for AY 2013-14 It is well known fact that tax payers are now required filing their Income-tax Return for the Financial Year 2012-13 relevant to the Assessment Year 2013-14. These Income-tax Returns in most cases have to be filed by 31st July, 2013. However, for the Corporate Sector as well as for persons who are having the requirement of tax audit the last date of filing Income-tax Return happens to be 30th September 2013. The Central Board of...
    1,759 Words | 5 Pages
  • Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution
    Daron Acemoglu is a Turkish-American economist of Armenian origin. He is currently the Elizabeth and James Killian Professor of Economics at Massachusetts Institute of Technology and winner of the 2005 John Bates Clark Medal , Simon Johnson is a British American economist, is the Ronald A. Kurtz Professor of Entrepreneurship at the MIT Sloan School of Management and a senior fellow at the Peterson Institute for International Economics and James A. Robinson is an American academic who, between...
    554 Words | 2 Pages
  • Instructions for Filling Out Income Tax Return Form Saral-Ii Itr-1
    Instructions for filling out Income Tax Return FORM SARAL-II ITR-1 These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. Assessment Year for which this Return Form is applicable This Return Form is applicable for assessment year 2010-2011 only, i.e., it relates to income earned in Financial Year 2009-10. Who can use this Return Form This Return Form...
    2,979 Words | 8 Pages
  • RR Bradley & Associates PA Hong Kong: 7 Ways To Save Even More Income Taxes
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