Calculate Gross Income From Net
Question: Need help with an algebraic equation?
I am from Australia. I am trying to work out an equation. I want to work out how much I need to earn to clear a certain amount after tax. Our tax is calculated by:
Net Income = (Gross Income – Tax Threshold) * Tax Rate + Base Tax Paid
EG: If I earn $55000 pa, my net income would be calculated by:
Net Income: (55000 – 37000) * 0.3 + 4650
I am trying to form an equation that works this out in reverse to work out the gross income by supplying the net income.
Answer: NI = TR(GI – TT) + BTB
NI – BTB = TR(GI – TT)
(NI – BTB) / TR = GI – TT
[(NI - BTB) / TR] + TT = GI[(Net Income - Base tax Paid) / Tax Rate] + Tax Threshold = Gross Income
Business Calculations & Accounting : How to Calculate Return on Equity
Gross Income Items
Question: Does anyone know the answer to this tax problem?
Robert operates an illegal drug-running business and has the following items of income and expense. What is Robert’s adjusted gross income from this operation?
Income$500,000
Expenses:
Rent8,000
Utilities2,000
Bribes to police10,000
Medical expense5,000
Legal fees20,000
Depreciation14,000
Illegal kickbacks15,000
Cost of goods sold200,000Answer: To determine AGI deduct COGS from Net Sales which gives you the gross profit or AGI. He is allowed to deduct only the cost of goods sold; thus, his AGI is $300,000 ($500,000 – $200,000).
All the other expenses are operating and administrative business expenses. They can be used as deductions but are not used to calculate the AGI.
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CU 4 Reality Fair
Tax Refund First Time Home Buyers
Question: First time home buyers tax credit?? HELP To EXPLAIN!?
OK. first off. If i file my taxes this month, will i get the tax credit this year(with my Tax Refund) or next year?? Or does it depend on something. SECOND can i use the money for something else?? Or do i HAVE to buy a home. Cause ive heard several people say you dont have to use it on a home.! Last thing, do i have to pay it back.? I dont own a home. THANK YOU
Answer: If you buy your first house this year, you will get the credit when you file your 2009 taxes next year. It’s $8,000 and it does not have to repaid. The 2008 credit was $7,500 and that was required to be repaid. You can’t get if you don’t buy your first house. That’s it.
Remember that $7,500 first-time home-buyer credit? It’s now an IRS headache.
If you took advantage of the $7,500 first-time home-buyer credit two years ago, you had better remember to include your first repayment of that loan on your 2010 tax return, which is due April 18.
First Time Home Buyer Tax Credit Details for Dallas, Plano, Frisco, McKinney, Allen &Prosper
Council Tax Address Change
Question: walking possesion aggreement is it valid?
my partner got a visit from baliffs and they listed the goods they would take if he didnt come to a arrangment for non payment of council tax.
He has arranged to pay in instalments every week BUT the baliff has wrote the incorrect address on the walking possesion aggreement.
Is this deemed as worthless now as it hasnt been signed by myself or partner and because of complety wrong address?
I did make the baliff aware about incorrect address by telephone after he left and he said he didnt matter, surely it does?
What do u guys think? no one has been back to amend/ change the address on the walking possesion aggrement.
Thanks
Answer: I don’t think it does matter with you to be honest. You don’t need to sign the form to say you agree. Its merely a list of your property.
Now the bailiff has been into your property, next time if you refuse entry they are allowed to force their way in (with police backup).
Just carry on with the payments so it doesn’t happen. If it the wrong address invalidated the possession order, they can enter your property to do another one without problems, and you are likely to get further charges for their time.
Unfortunately you can’t get out of this, so you just need to go along with it and make sure you keep up with the repayments.
Mayor: Rowlett is good, getting better
For the fourth time, Rowlett Mayor John Harper delivered the annual state of the city address to the city council and others in attendance Tuesday during the council’s regular session.
Joe Hockey Address to the Liberal Party Federal Council
Gross Income Example
Question: why doesn’t movies gross income go by amount of tickets sold? It should solve inflation value?
It always interest me how new big movies for example: Avatar, The Dark Knight, Pirates of the Caribbean, Spiderman, Titanic and etc.
They would compare each other gross value. The release of these movies are in different years and it is hard to tell which movie made more money due to inflation.
Why not go by the amount of tickets sold? If 3D and IMAX play a big role in figuring the numbers why not make different type of movie based off of a point system. (note not to scale its an example) I-MAX = 2 tickets 3D 1.5 Tickets regular 1 ticket.
Wouldn’t it help make it easier to identify which movie is superior in world wide?
Answer: If they rated movies by the number of tickets sold rather than the monetary value then none would ever get any top billing.
If I remember right the animated movie “Snow White and the 7 Dwarfs” has sold the highest number of tickets worldwide. But u must remember that it was first released in the 30’s and re-released over and over every few years until the era of videotape. Movies today are not re-released like that so they don’t have the advantage of the repeat cycle.
UAE-A young and future-oriented nation
“Our primary goal in the UAE is to build the homeland and the citizen, and that the bulk of the country’s income is hired to make up for what we missed and catch up with the developed nations that have preceded us in our attempt to build our…
Dependent Eligibility