Earned Income Tax Credit

Understand the history background of Baitul Mal from the practice of Rasulullah SAW to the famous caliphs. 2. Understand about the traditional sources of revenue in Islamic state, zakat and modern taxation. 3. Able to determine the function of types of tax. 4. Differentiate between economic and social impact of zakat and taxation 5. Understand the rules and regulations govern the system of Zakat. 1.0 INTRODUCTION This chapter provides an overview of Baitul Mal and then explains the…

If you use part of your home as an office, you may be able to deduct depreciation on that part based on its business use. For information about depreciating your home office, see Publication 587. Inventory. You cannot depreciate inventory because it is not held for use in your business. Inventory is any property you hold primarily for sale to customers in the ordinary course of your business. If you are a rent-to-own dealer, you may be able to treat certain property held in your business as…

A budget is a financial plan of revenues, expenses and future costs for a given period. It provides information and set goals on how much the government is allowed to spend in the future. The purpose of a budget is to project their spending for short-term and long-term goals because it manages revenues and expenditures. A balanced budget and surplus budget decrease interest rates because it helps the government improve and grow over a period of time. If budget deficits arise, it increases…

accepts income tax payments from illegal immigrants, it ignores the crimes they are committing; such as, using Individual Taxpayer Identification Numbers to obtain millions of dollars in deductions and credits, which they are not eligible to receive because they are non-permanent residents. FAIR reports that all revenues collected are refunded to illegal immigrants when filing for tax returns. Although some illegal immigrants may pay taxes, given an illegal aliens’ average household income and…

Since its institution in 1938, the minimum wage has divided politicians on whether or not it ought to change or remain the same. Democrats favor raising the wage, while Republicans prefer it to remain unchanged by the government. A president looking at the current situation must understand the fundamentals of the wage; then, to impact the debate, a president ought to utilize “going public” as the main tool for his policy strategy. Employers in the United States must legally pay their covered (i…

CHAPTER 7 Cash and Receivables ASSIGNMENT CLASSIFICATION TABLE Topics Questions Brief Exercises Exercises Problems 1. Accounting for cash. 1, 2, 3, 4, 21 1 1, 2 1 2. Accounting for accounts receivable, bad debts, other allowances. 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15 2, 3, 4, 5 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 18, 19 2, 3, 4, 5, 6, 10, 11 1, 2, 3, 4, 5, 10, 11 3. Accounting for notes receivable. 13, 14 6, 7, 8 18, 19…

outstanding. Earnings per share is calculated by dividing net income by the number of total shares outstanding (Ross 26). Apple Inc.’s 10-K lists earnings per share in two categories, basic a diluted. Basic earnings per share are calculated by dividing available income to common shareholders by the weighted-average number of outstanding common stock during the period. Diluted earnings per share are calculated by dividing available income to common shareholders by the weighted-average number…

A Big Problem in a Big World: Global Poverty Poverty is not having a place to live. Poverty is constantly being hungry. Poverty is being uneducated, not knowing how to read and write. Poverty is not having clothes to wear. Poverty is not having a job, fearing for the future. Poverty is becoming ill because of the unsanitary conditions around you. Poverty is all around the world. Unfortunately, poverty is an obstacle that affects numerous people. From our own country, the United States of…

Most people that work at Wal-Mart are disabled, teens, and adult female. Wal-Mart is known for its cruel cost management. It is known that Wal-Mart’s CEO makes billions of dollars a year. These employees have families to take care of and most of them cannot get decent jobs because of their situations. It is said that Wal-Mart will be raising their starting wages to $9 an hour, which is 24% higher than the federal minimum. Minimum wage is a subject that affects both sides. The employee is…

Financial Appendix 3 – Cash Flow Statements Projected Financial Data Projected Income Statement (31/12) Revenues Less: Costs EBITDA Less: Interest + Principal Less:Depreciation EBT Less: Tax Operating Profit Dividend Proportion Dividends paid Retained Earnings Projected Balance Sheetv (31/12) Assets Non Current Assets Depreciation Net Non Current Assets Net Working Capital Total Assets…