Income

Income-tax notices and how to avoid them It is not uncommon to be served with income tax notices because many people may not be aware of what they are supposed to do. Most tax notices alert the recipients about the issue that needs to be addressed or corrected immediately. Whatever reason is behind your notice, never ignore the notice because the tax department can impose fines of up to Rs 10,000 if the concerned party fails to reply to the notice in assessee. The number of people being served with income tax notices has increased in the recent times partly because of the positive effects of improved monitoring as a result of stricter customer identification process and enhanced online tax filing returns on data processing. The benefit of…

Minorities with low incomes are more likely to commit crime relative to those with higher incomes. The independent variable is low income. The dependent variable is crimes. The units of analysis are minorities. Minorities in low income conditions fall into the life of crime. For many different reasons, which may leave them with no other option than to commit a crime. They may feel the need to commit a crime to survive or to act in a way of bitterness toward others, who may have more…

results in political instability, social capital and legitimacy, increases income inequality and has a tremendous adverse effect on the well-being of the poor (Kéita, 2010). This critical review examines three articles on the issue of corruption and income inequality. Where the Charron, Heston and Kumar articles focus on corruption…

Income inequality is an interesting topic because it is essentially a two part argument. The first part of the argument centers on its very existence; it is similar to the discussion on climate change in that one side acknowledges that is a very real problem that need to be fixed, while the opposing side either denies that it is real, or believes the current system is okay as it is. Assuming that the overwhelming evidence declaring that the United States has the highest level of economic…

How is comprehensive income different than net income? DEFINITION of 'Comprehensive Income' The change in a company's net assets from nonowner sources over a specified period of time. Comprehensive income is a statement of all income and expenses recognized during that period. The statement includes revenue, finance costs, tax expenses, discontinued operations, profit share and profit/loss. INVESTOPEDIA EXPLAINS 'Comprehensive Income' Companies typically report comprehensive income in a…

he Income Summary account is used to Close the revenue and expense accounts. The income summary account is a transitional account into which all income statement revenue and expense accounts are transferred at the end of an accounting period. The net amount transferred into the income summary account equals the net profit or loss that the business incurred during the period. Thus, shifting revenue out of the income statement means debiting the revenue account for the total amount of revenue…

Introduction For several years now, Americans have been struggling in today’s economy simply due to unfair income distribution. Income inequality is a growing issue today and many economists have noticed that this issue needs to be resolved in order to see steady improvement with the economy. Barack Obama even addressed the issue himself and stated that income inequality is now the main reason why the economy has yet to make a major improvement over the years. Which makes sense in economic…

Government taxation and government benefits attempts to push the curve inward. Lorenz curve measures income equality distribution. The Gini coefficient measures the area between the 45-degree line and the Lorenz Curve divided by the entire area between the 45-degree line, where 0 equals absolute even distribution of income/equality. With that said: 1. Table 4.2 shows that Gini coefficient has increased from .349 in 1970 to .469 in 2005, indicating that income inequality in the has been a.…

It is 2032 and a guaranteed universal basic income has been in place for about 5 years now. My dad is a doctor and went through 2 medical residencies to get where he is now. He has been in school for as long as I can remember, working hard, studying so much my family barely saw him, he even had to work two jobs when he was in residency so that our family could live comfortably. 6 years ago, all of my dad’s dedication and hard work paid off. He opened his own practice! Back then, we all thought…

Knowing where and how to classify these components create a flow for any financial statement and also add a structure for all other reporting. This paper will examine the Starbucks Corporation fiscal year end statements and the income classifications throughout the annual reports given. Harold Averkamp…