Questions tagged [income]

Questions related to the earning of money (or other capital) within a specified time frame. Topics such as methods to increase income, account for it, track it, analyze it, or disclose it are all appropriate, but discussions of *income tax* should use that tag instead.

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2
votes
4answers
125 views

Monthly budget - deferred expenses from savings vs Income? How to manage?

Background: My wife and I have put a monthly budget together using the Google Drive Budget Template. Pretty standard - Income section and Expenses section with rows allocated in each. It makes most ...
0
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3answers
123 views

How to accurately evaluate the financial potential of a startup with little understanding of business finance?

TL;DR I have been tasked to reevalute the possible financial potential (and by financial potential I mean possible cash-flow, profit, return of investment) of the startup I work in as an R&D ...
2
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2answers
239 views

Shared Income System

I would like to share my salary with a small group of family or friends. Is there a way to do this without the income being taxed twice (once for me and once for each friend?
2
votes
3answers
221 views

Will I owe income tax when my son pays me back for house I bought him?

My husband and I bought a foreclosed home for my son. We own a construction company, so we did all the repairs and renovations ourselves. We have kept a running total of expenses. Under the rules ...
52
votes
8answers
22k views

How much money should I save in order to generate $1000/month for the rest of my life?

How much money do I need to make in order to generate 1k/month for the rest of my life? Is that even possible? If yes, in what way?
75
votes
11answers
17k views

Parent asking for money after I moved out

My parents are divorced and my dad has to pay to my mom financial support for everyone in the family. Because I moved out, my dad removed part of this financial support that he gives my mom. She is ...
4
votes
2answers
247 views

Selling a fossil

If I sell a fossil that I found on my property, do I owe tax on the proceeds? How would I figure my basis? I “bought” the fossil with the land, so is my basis the cost of the land?
54
votes
19answers
13k views

Are there any financial disadvantages to living significantly “below your means”?

By living "below" your means I'm asking about spending significantly less than you could, rather than living "within" your means which of course is sensible if you are able to do it! So for example: ...
0
votes
1answer
32 views

India Income Tax Deduction questions AY 2019-20

I am a Resident Indian Sr. Citizen, I paid Mediclaim Insurance Premium of Rs.53808/- last FY (March 2019), by cheque, for my wife and myself (both senior Citizens) I was hospitalised in December ...
1
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0answers
90 views

Maximize negative tax rate

I've been reading articles about people getting negative taxes, and am curious about how much someone can actually earn and still pay 0 or negative taxes. Suppose I have an LLC, and my wife and I are ...
5
votes
1answer
98 views

is it required to give exact /approximate or rounded income for credit card

A friend of mine is self employed for personal and self-employment(Doing business as), and at looking at I'm starting a new job in 20 days - can I include my future income when applying for a ...
0
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1answer
195 views

First salary in UK

I hoping to get some informations on how the tax system works in UK. Basically, this is my first job here, I haven't worked before April. I have a basic gross salary of £41,600 and I pay 4% as a ...
8
votes
1answer
299 views

I'm starting a new job in 20 days - can I include my future income when applying for a credit card now?

I'm starting a new job soon and moving to a new city. I've never held a credit card and want to apply for one. As with all moves there are likely to be expenses so I'd love to be able to stick them on ...
43
votes
4answers
16k views

How can I get a job without pushing my family's income into a higher tax bracket?

I live in Seattle and turn 18 before the year's end, and I'm told my family has an income such that if I get a job and make more than $1000, then I would push my family into a higher tax bracket. ...
2
votes
1answer
109 views

If I intend to earn on the side doing different category of things should I do it as an individual or as a small business?

If I have a few areas of expertise (that can't fit a classification of services/products) and I'd like to make use of those and provide products or services based on those, should I do it as an ...
-1
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2answers
392 views

How does income tax work (USA)?

let’s say I make over $500k, the income tax in US is 37% I was just wondering, does that mean the 37% (which is $185k) is just lost? So a person would give almost half their income to the government ...
2
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0answers
71 views

Retiring to Europe from California-Implications for taxes, drivers license & voting

I retired & moved to Italy April 2018. I will be living in Europe for at least ten years. In filling out my California state tax form, there was a question regarding whether I moved out of the ...
3
votes
1answer
108 views

Declaring taxable income for a minor in the United States

I am 16 years old, located in the United States (Texas), and I am currently embarking upon entrepreneurial endeavors. The main ways, via those aforementioned endeavors, that I would earn money are ...
1
vote
2answers
258 views

Can owning a static website without advertisements be a source of income in India?

Suppose I create a static website (just contains some information to read), and assume 1000 visits daily. The website does not contain any advertisements. Can it be a source of (even small) income?
1
vote
1answer
92 views

Do scholarships and PhD stipends count as taxable compensation for Roth IRA limits?

The maximum amount you are allowed to contribute to a Roth IRA in a given year is either a certain dollar amount or your “taxable compensation”, whichever is lower. Now I am a PhD student who gets ...
1
vote
1answer
117 views

Need to understand the SMS lately sent by ITDEPT - 'Total tax by Employer for Q is xxxx…'

Total TDS by Employer for Qtr ending Dec 31 is Rs. XXXXX and cumulative TDS for FY 18-19 is Rs. YYYYY. View 26AS for details. YYYYY is way greater than XXXXX , could someone tell me how to interpret ...
0
votes
3answers
169 views

How to find reliable trusted profitable passive income residing in Eastern Europe?

I would like to stop working and receive some passive income from anything that can generate income. I live and reside in Eastern Europe (Ukraine). I don't trust Ukrainian banks since they are not ...
1
vote
0answers
53 views

When I'm applying for a loan, how do I report my annual income if my income changes from year to year?

When I'm applying for a loan or a credit card, the application usually asks for my annual income—the amount of money I make each year. The problem is that I don't make the same amount of money each ...
4
votes
0answers
31 views

Can personal income information be provably shared in Estonia?

Is it possible for an Estonian citizen to produce a government-signed document stating their income as it appears on their tax return? Maybe an electronically signed tax return transcript could be ...
0
votes
1answer
104 views

Switching from W-4 to W-9. What should I be aware of?

I'm a welder in California. I recently talked with my employer and mentioned that since you can't deduct expenses as a W-4, I wondered what he thought of hiring me as a W-9 so that I could write ...
3
votes
1answer
218 views

Self-employed net income for affordable housing - valid to take from profit/loss?

I'm trying to understand net income from self-employment, when qualifying for an affordable housing program. I had always thought that net income was the cash (checks, wires, etc) coming in. However,...
0
votes
1answer
111 views

Best financial model to proportionally distribute the company's income to all employees? [closed]

I plan to start a project of something "innovative". And among some of the parts of the project that I'm thinking about, it's in the term of how money (profits) should be distributed. The truth is, I ...
5
votes
1answer
295 views

How stable is my retirement plan?

I am in Ontario, Canada as stated in previous posts. I am 23 and have $20 000 in investments after working at my first job for 10 months. My job pays me $42 000/year before taxes ($33 000/year after ...
0
votes
1answer
65 views

Investing in grandfathers name to save tax in India

I was looking for saving tax by investing/gifting to parents. My father/mother is paying tax, instead can I gift my money to grandfather to save tax ? Grandfather does earns so easily 20 lakh could ...
5
votes
1answer
247 views

Does a dependent 19 year old have to file taxes?

I'm a 19 yr old, and my parents file me as a dependent under their married-filing-jointly tax return. Lately, I've done a couple small mystery shopper task from 3 different companies. The total adds ...
-4
votes
2answers
226 views

How to calculate someone's true net worth?

Is there a way I can look up or calculate another person's net worth through math? Is a person who is making credit card, car, house, etc payments owe more that what they have equal they are worth ...
3
votes
3answers
816 views

How is a non-resident Sole Trader in Australia taxed on freelance work?

I am considering doing remote freelance work for an Australian business as a Sole Trader with an Australia Business Number (ABN). I am a non-resident in Australia. My question is: do I pay taxes on ...
0
votes
1answer
52 views

Funds : Distribution Types

Funds can have cash dividends (like shares), but is there the possibility of not receiving the dividend on cash and receiving additional units of the fund : similar to a stock dividend on shares where ...
2
votes
0answers
53 views

How can I see if/what income/current account payment data is gathered by credit referencing agencies?

According to two Telegraph articles: Almost all of Britain's banks now record most current account customers' monthly incoming payments. This is distributed monthly to credit reference agencies [..] ...
3
votes
1answer
104 views

Tax implications in the US of home ownership in the UK

My family and I are residents in the USA. My British wife and her brother have received some inheritance from their father, which is to be shared with his ex-wife: £120,000 cash. A mortgage of £150,...
1
vote
1answer
101 views

Do GnuCash Income entries ever stop contributing to the Income Account's total?

I'm building a personal budget in GnuCash and after entering my starting equity, I've added my new paycheck in the Income section of my budget. I've entered it as transferred to my Checking Account ...
2
votes
1answer
89 views

Can I qualify for ACA subdisies if I don't have current employment income, but have interest/dividend income, other income and capital gains?

My understanding is that individuals with income < FPL don't qualify for ACA subsidies. I have made around 10-15k this year from a previous job, but currently don't have a job (by choice, but I ...
1
vote
3answers
562 views

Whats the best option to increase my net worth, now that I have an income and some money to save?

I am 25 years old software developer with no loans. Before my software developer work I rarely had more than enough money to live by and I was not thinking of savings and such since I didn't any spare ...
1
vote
1answer
45 views

Posting invoice in different currency

I've got all my transactions organized in CAD. Now I've got a new customer that'll pay me in USD. I can open USD bank accounts to handle this, that's not a problem but in GNUcash I created a new ...
3
votes
5answers
234 views

How to deal plan a budget with extremely variable income?

I am a full time master's student. My income comes exclusively in the form of irregular scholarships and grants, both in terms of time and amount. I have no regular income. For example, I might get ...
6
votes
8answers
868 views

Methods of generating additional income on top of full-time job

I am a resident of Europe. I currently work a full time job, which pays around 1.5k euro monthly. I have under 1k in savings. I just finished my 1st year of Computer Science in college. I am aiming ...
2
votes
0answers
80 views

Capital gains and income

When capital gains are not considered as an income (as per New Zealand Income Tax Law to be precise) then why capital gains/losses end up in an income statement to calculate net income? Does that look ...
1
vote
2answers
52 views

LTCG and income tax will significantly reduce returns?

If I bought set of equities today and sell them next year amounting to a capital gains say 1.5 lakhs. 1 lakh is exempted from LTCG and 0.5 lakh is charged with 10% LTCG tax. If my income salary ...
1
vote
3answers
212 views

Is there any income increase that would result in less net income due to taxes?

We have all probably heard people say "I received a raise at work, but it doesn't matter because I'll just be paying more in taxes." This comment is usually in reference to a small raise. Is there ...
2
votes
0answers
485 views

tax identification number in W8-BEN - Canada specific question

I live in Canada and have done a contract job with a U.S. company, and they ask me to fill a W8-BEN form to pay me. I'm asked to note that on the W8-BEN Form either section 5 or section 6 must be ...
4
votes
2answers
343 views

Including all the ultra-wealthy, what's the average income in the US? [closed]

The ultra-wealthy typically receive fairly little of their income as wages. Larry Page, Sergei Brin, Steve Jobs, Larry Ellison, and Mark Zuckerberg all receive or received no more than $1 per year, ...
1
vote
1answer
870 views

I got a job in Saudi Arabia. What are my tax liabilities in India

I just received an offer from Saudi Arabia but I will be required to be in Saudi for only 4 month in the whole year. So what is the tax implications on the earning that I have in Saudi. What are the ...
2
votes
1answer
207 views

Calculation of different types of earnings per share

I'm confused about how to calculate diluted earnings per share. As far as I know, for any type of EPS, one must divide the earnings attributable to relevant shareholders by the weighted average number ...
7
votes
7answers
2k views

How much capital is necessary to live on $5000 / mo.?

If I want to determine how much gross return I would need to live on $5000 / mo ($60,000 / yr) and I were to assume all return would come from an investment pool of capital in ETFs, stocks, etc, that ...
1
vote
1answer
64 views

Receipt of Funds from Outside of India via International bank transfer - Purpose of Remittance

If I am receiving money from international bank in my Indian bank account for my work done . I have to give explanation about the remittance. What is the minimum amount of receiving fund from foreign ...