Sign In
Ask Question
Maeve
Business
18 July, 10:39
Why is net income lower than gross income
+2
Answers (
1
)
Demarion Bartlett
18 July, 10:55
0
Gross income is the income before taxes and deductions
Net income on the other hand is the income after taxes and deductions and credits are factored into gross income. This is the reason why net income is lower than gross income. Gross income = net income + taxes
Comment
Complaint
Link
Know the Answer?
Answer
Not Sure About the Answer?
Find an answer to your question 👍
“Why is net income lower than gross income ...”
in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which of the following is a false statement? A. All states have a flat state tax. B. Certain states have no state income tax. C. Most states have state income tax. D. Depending on where you live you may pay no state in come taxes.
Answers (2)
Which of the following goods is nonrival? A soccer match in a stadium A visit to the doctor at her office A pizza at a pizza parlor A tuna in the ocean
Answers (1)
A disclosed principal is a principal whose identity is known by a third party with whom an agent contracts on the principal's behalf. a. True b. False
Answers (1)
In determining whether an activity should be classified as a hobby, the tax law provides a rebuttable presumption with regard to the profits or losses of an activity.
Answers (1)
If two patients need the same resources in the same medical situation, it is justifiable, when resources are scarce, to limit them to patients having insurance and showing an ability to pay for the resources.
Answers (1)
New Questions in Business
The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Salaries and Wages Expense $8,410, Maintenance and Repairs Expense $2,510, and Income Tax Expense $1,010.
Answers (1)
A leftward shift in the long-run aggregate supply curve is most likely going to cause which of the following? A) decrease in the average price level B) increase in the average price level C) increase in real output
Answers (1)
Free market economy how are prices set?
Answers (1)
Patel Service Co. does make a few sales on account but is mostly a cash business. Consequently, it uses the direct write-off method to account for uncollectible accounts. During Year 1, Patel Service Co.
Answers (1)
Accepting a special order will improve overall net operating income if the revenue from the special order exceeds: a. the contribution margin on the order. b. the incremental costs associated with the order. c.
Answers (1)
Home
»
Business
» Why is net income lower than gross income
Sign In
Sign Up
Forgot Password?