 Can I claim my dog as a dependent and itemize his expenses? |
He had no income last year. Also can I claim my neighbors dog as he sometimes steals my dogs food?
This is a bit of sarcasm after reading some of the tax questions on here.... |
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 I recieved a a mail from the national lottery uk that i won the online lottery is it write? |
| It is telling that i won the prize money of five hundered thousand British pound. And also saying that i have to go to this office with in 24 hours. But i Can't to go there because of some ... |
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 Road Tax in the uk? |
My car tax runs out today but i cant afford to get a new one for a couple of weeks.
I wont be driving the car and it will be sat on my drive.
How long do i get before i ... |
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 I don't want a rebate? |
| Is there anyway to stop the government from sending my tax rebate check to me? I don't want the extra 600 dollars. I read in an article on Yahoo that "the money actually is officially an &... |
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| Why do people look so negatively at paying taxes? |
| I look at it as like i'm giving back to the country for the success that my country made possible. I couldn't have made the money without the backbone, the capitalism, and security that my ... |
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 What % Tax do I pay? I live in UK and earn 15k per year.? |
| Im trying to work out my monthly salary based on my yearly salary and the web page Im using is asking for a % of Tax I pay? Anyone know what it is?... |
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 IRS Lies AGAIN? |
| So they let the media lie to the entire nation (the public was mislead according to the IRS rep I spoke with) about their stimulus payments. I was under the estimation that if you made over 3,000 and ... |
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 I just recieved a $100,000 settlement. Should I report this income on my taxes? |
Additional Details
The settlement is from an automobile accident (personal injury). Does this make a difference?... |
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 I have not received my tax rebate on May 9 my SSN# 51and should have had it deposited by yesterday. Any ideas? |
| I efile my taxes by Turbo Tax and I pay my taxes by direct deposit on March 15, I suppossed receive my stimulus tax rebate yesterday May 09 by direct deposit, but I still waiting, somebody know what ... |
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 What is the VAT on £80? |
| I know its 17.5% do you divide that into 80, I am confused.... |
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 Angry that foreigners can claim benefits in uk etc. then return home and still receive it ? |
Additional Details
There have been articles in various newspapers recently...one (romanian family i think)child benefit /family credit etc...... |
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 Tax question: i have the choice of donating $20,000 of inventory to charity, or sell for $500. which is best? |
| I have to liquidate 20k of assets (my business tanked) and looking to make the best of the situation... thank you for your advice in advance.... |
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 My father is greedy and wants to claim me as a dependent. im 23 and lived with him all year and went to school |
| if he claims me i owe the gov 2000 if not i get back a 64 dollar return. i earned 23,000 and supported myself and just stayed there. i paid rent, food, clothes, school, insurance etc. hes ... |
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| I have received a message stating u have won yahoo uk-ieland award? |
| that message give me a form to fill and submit to some agent and he replies to me stating that u have to submit a form given below to Nation wide bank Plc and they have told me that ur prize money in ... |
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 Do you have to declare your earnings if you work under 16 hrs? |
| I am not entitled to working tax as my partners income is just over the limit.We claim child tax credit.If I was to work a couple of hours a day for the minimum wage would I have to declare this to ... |
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 Filing head of Household? |
Is it possible for two people to file head of household with the same child?
They're not married, they live together, it's both of thier child and one claimed her as a dependent ... |
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 Should we tax people based on how much they weigh? |
| Think about it, they use more water, more food, more tires for their car. This would be instead of based on income, and would take into account BMI.... |
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applesjackk | Please explain what net and gross profits are? |
please tell me which is the take home money after tax is paid
thankx |
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ALAN W
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Take home pay is the net that is your pay after tax insurance and anything else you have taken out of your pay. Gross is the total before anything is taken out. |
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sissyd
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Gross profit is the difference between the Cost of the items sold and the Sales price. Net profit is what is left after all the indirect expenses (like rent, utilities, salaries and commissions, etc.) |
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dels replies
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These seem to be two questions. Gross profit is the difference between the price you sell something for and what it cost you to buy. For example if you bought a thing for a pound and you sold it for three pounds the gross profit would be two pounds. However it has cost you something to sell the item, shop premises, staff wages, insurance,heat and light and other business expenses. After deducting these costs from the gross profits achieved you will arrive at a net profit.Net profit is then taxable whether as a company or as an individual and this will vary from person to person depending on their circumstances.Things like is the business registered for VAT have to be taken into account.Most people engaged in their own business do not worry about tax (income) on a week to week basis.They take the net profit and use it for the business or for personal expenses. They should always keep some in the bank, as income tax will eventually have to be paid on the net profits. Most small businessmen use the services of an accountant who will finalise the figures, claim as much tax relief as is allowable and get you a tax settlement figure for the year from the inland revenue which you then pay from the money you have retained in the bank. |
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charlie
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Net profits are profits made after all expenses are paid. Gross profits are takings minus what you have paid out for the goods that you are selling. Turnover is the total amount of money that you have taken from customers.
Gross pay is pay before deductions (tax, national insurance, pension etc). Net pay is what you receive (ie what's paid into your bank account. |
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whybe
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gross profit is the value of profit before tax and other expenditures. after those have been taken off you are left with net profit. it is net profit that goes on your yearly balance sheet. |
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Simon A
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Hi,
In short for a self-employed person a gross profit is the money you are left with after you have deducted all the legitimate business expenses.
The next stage is to deduct your allowance, such as the single person's allowance, this amount can change each year, so you need to "google" for the rates set for each year. This is the money you don't pay tax on, very roughly it is around £3,400 per year. What you are left with is taxable.
When you have paid the taxes you are left with the net profit. Remember that the tax due is broken into bands depending on your gross profit amount, again this can change each year
Don't forget after you have got to this point you still have to pay national insurance. If you are self employed there are two types, one is the weekly amount paid regardless of earnings and the other is based on your net profit. These amounts can change each year
Finally you are left with an amount that is yours, however, I strongly urge you to put money aside so that you can replace the tools of your job for when they need replacing
Most importantly if you are self-employed your income can fluctuate greatly especially around the time of the Summer holidays and the period from New Year until after Easter. During these times your income can literally fall by 50%
Don't get suckered, when you have a surge in income such as a big job, don't spend it before it is in your bank and after you have been paid don't slacken off. Set a sensible work rate and stick to it, such as 5 days a week 8 hours a day. If you need it to be flexible then do so but at the end of the week make sure you have worked every minute of every hour of that working week.
You should work harder and longer for yourself than you would for someone else
I hope it all works out for you |
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just trying to make a difference
 |
net profit is your take home pay.
(gross is b4 any tax and NI cont are taken) |
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Jim M
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Gross is the overinflated amount of tax we pay and nett is what's left at the bottom of our paycheck |
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nicemanvery
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Gross profit is before tax !! |
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Smarty
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Gross is the total amount of money taken in a year
Nett is the total amount taken in a year after tax has been paid and any other relevant duties! |
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FRANK H
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gross profit is theentire profit made.
net profit is the profit made after taxes and other take offs. |
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sparman20
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I think gross profits are what it says, the most profit and net is after deductions? Hope that helps.If I am wrong I apologise. |
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SG Elite
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For example your salary is $3K per month; this is your Gross income. After tax deduction, you're left with say, $2,800K; this is your Nett income. |
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cakoay66
 |
To simplify this complicated Q:
Gross profit is (selling price) - (cost of goods + transport + marketing + salary & admin) = net profit
Net profit before tax - goverment tax = New profit after tax |
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