Gross Income Accounting
Question: how do you find net sales,gross profit, and income from oprations?
Assume Baja Company has the following account balances: Sales $537,330, Sales Returns and Allowances $15,045, Cost of Goods Sold $339,984, Selling Expenses $71,520, and Administrative Expenses $42,518,find net sales, gross profit and income from oprations
Answer: Net sales are the sales minus any discounts or returns : 537,330 – 15,045 = 522,285
Your gross profit is what you make on the sales of the product, without taking into account any support costs (sales and administrative expenses): 522,285 – 339,984 = 182,301
Your income from operations is your net income, after it’s all said and done. 182,301 – 71,520 – 42,518 = 68,263
Next time, google it
Basic Accounting : Preparing a Profit & Loss Statement
Free Tax Filing For 2011
Question: Have not filed 2009 taxes!?
What will happen since I am now late and did not request any extensions. Long story short, I was deployed for half of 2009 and then PCSed overseas in 2010, hence I have not filed yet and it is now 2011. Since I was deployed to a tax free zone in 2009 and my W2 shows earnings of only $19k, I should not owe, but what will happen when I do file since I will be late? Thank you.
Answer: So?
If you were in a combat zone, your deadlines are extended. If the date becomes an issue, put combat zone and the dates at the top of your return. (2009 isn’t an issue until 2013)
$19K is still $19K. Whether or not you owe will depend on the amount withheld. if you don’t owe, no problem.
Free Electronic Tax Filing 2011, 2011 Free Electronic Tax Filing Online
Head Of Household California
Question: Income Tax – I live in California & my wages are a little over $38500 a year (head of household 2 dependents)?
Doesn’t go a long way here, but I was left a property by my mother who passed away late last year, and I started renting it out this year. After HOA payments and payment for a realtor to handle it, it brings in additional income of just under $10000 a year. I look at my tax table for 2009, and it says if you make over $45,000 a yr, the income tax goes up from 15% (with an additional $1195) to 25% with an additional $6,227.50. Am I understanding this, because if I am, I will be making less than I was before? Am I right or wrong?
I think I understand now. But what is the plus $1195 for 15% and $6,227 for 25%? So somebody that is making over $45000 on adjustable income pays the same $6227 as someone making 117,000 adjustable income? (My youngest will be 17 this year, so no more child credits for me).Thank you so much for this information.
Answer: If you file schedule E for your rental income, you must claim any expenses related to that income. Expenses such as Depreciation expenses on the property plus other deductible expenses. Your Taxable Income from rental is your net income, income after expenses.
Also the tax rate is applied to your taxable income, so if your total income $50,000 and you are HOHH with 2 dependents, then your taxable income is;
Taxable Income = AGI – (Std Deduction + Personal Exemptions)
Taxable Income = $50,000 – ($8,350 + $10,950) = $30,700Since your taxable income is $30,700 then your tax is
$1195 + (15% X ($30,700 – $11950)) = $1195 + (15% X $18750) =
$1195 + $2813 = $4008 this is your tax liabilitySince you qualify for the new 2009 Tax Credit called MAKE WORK PAY TAX CREDIT of $400 then your net tax liability is;
$4008 – $400 = $3608If your children are under 17 yrs old, you may qualify for the Child Tax Credit of up to $1000 per child and that will reduce your tax liability.
AGI = Adjusted Gross Income
If you need more help e-mail me at
tax.eezi@gmail.com
California – original demo
Gross Income Estimator
Question: Does this sound like the right amount for my tax return? It doesn’t seem fair =(?
I’m not married yet, 27, live in MN and I claim 0 on my taxes.
I have two jobs and income stats for last year are as follows:
(I don’t have any crazy things either like schooling or a mortgage. I just pay on student loans)Total Gross Income:
24,544Federal taxes withheld: 2,928
State taxes withheld: 1,326I have no children yet either.
H&R Block’s website estimated $1,000 for my refund… that seems low to me? Especially since the government took over $4,000 of my hard earned, small amount of money last year.
Could H&R Block’s estimator be wrong?!
Last year I made a few thousand less with only one job and I got $1,300 back.
Answer: go to turbotax.com and try the free version to see if it is correct or not. you just need to fill in the blanks on the computer with the numbers on your W2
P2 – Estimate and Forecast your Total Income and Income Tax Exposure – Part 2
Tax Refund Too Much
Question: Do I get refunded for tax on single items too?
So I just asked a similar question, but I think I should go into more detail. Say I buy 10 items and I need to return 2 of the items back to a store for a refund. How do they determine how much to refund you with the tax? Also, do you get your tax refunded for online purchases as well? (Assuming they charged me tax)
Answer: Yes they will
Pink Cross Foundation Tax Returns – Part 2