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Stratification of High Income, Middle Income and Low Income Nations
by xSauronx in Culture & Society
The World Bank uses a system of classification of all countries' economies by income for analytical purposes. The main classification criteria is gross national income (GNI) per capita, with every country falling into one of three categories: low income, middle income (subdivided into lower and upper), and high income. World Bank Atlas MethodThe method by which a country's economy is assigned t

The Importance of Income Before Income Taxes on an Income Statement
by whatintheworldisthat in Business
When it comes to market share expansion and income growth, company principals don’t wait if they know something works. Senior executives diligently review the product, service or marketing strategy that holds competitive prominence in the marketplace, doing everything possible to increase revenue and show rosy results -- including net income and earnings before income taxes. Income Statem

What Is the Difference Between Receiving Income as a Gift vs. Receiving Income as Unearned Income?
by Mutilator in Personal Finance
The most common form of income tax people are familiar with is a tax on wages or a salary from their regular employment. However, the Internal Revenue Service also taxes income derived from other sources. Gifts and unearned income are two distinct forms of non-employment income for which there are different rules regarding taxation. Unearned IncomeUnearned income refers generally to any income

Explanation of Why Real Estate Earned Income Tax & Personal Income Tax Fall Under Progressive Tax
by davidg in Personal Finance
Many taxes in the United States are progressive. Progressive taxes are designed to charge more tax depending on wealth. Governments at the federal, state and local level often levy higher taxes on taxpayers with higher income, or with higher property values. At the same time governments often credit lower-income taxpayers. Progressive Income TaxIncome tax is progressive because it is taxed at d

Are Food Stamps Considered Exempt From Countable Income in Determining SSI Income?
by cautionsign in Personal Finance
Unlike Social Security benefits, Supplemental Security Income bases eligibility on income and resources. Social Security administers the SSI program, but funding comes from the general revenue fund and not Federal Insurance Contributions Act taxes. SSI is available to disabled, blind or individuals over age 65 and does not depend on work history. SSI allows recipients to receive supplemental nutri

What Percent of Monthly Income Is a Low Income Family Expected to Spend on Food?
by skriefal in Personal Finance
Low-income families struggle with paying for food. Food stamps don't cover everything -- they are meant only to subsidize food purchases -- and most families don't qualify for the maximum benefit. The U.S. Department of Agriculture expects low-income people to spend about 30 percent of their income on food, including their food stamp benefits. Federal Poverty GuidelinesTo qualify for food stamp

How to Report Farming or Share Crop Income Loss on Personal Income Tax
by Stringjam in Personal Finance
To report farm or share cropping income losses on your personal income taxes, you will need to file a 1040 Personal Income Return long form and Schedule F. Schedule F is used for calculating any type of agricultural income and loss.
Husbands and wives who operate a farm or share crop together will each need to fill out and file a separate Schedule F allocating the income and expenses as a jo

Can the State of Michigan Garnish My VA Disability Income and SSDI Income for Back Child Support?
by Brainonska511 in Personal Finance
When a person fails to pay back a loan, the creditor may, if state law allows, attempt to garnish the person's wages. However, federal law prohibits a private creditor from garnishing certain types of income, such as most types of benefits paid from the government. That said, states are allowed to garnish Social Security disability insurance and sometimes disability income from Veterans Affairs if

Do You Have to File a Minor Child's SSI Income With the Parents Income Tax Return?
by Super56K in Personal Finance
Supplemental Security Income, or SSI, is an income-based public assistance program available to individuals that are at or below poverty level and are blind, disabled or elderly. The program provides financial resources to adults and children who are in financial need. If you receive SSI for your child, it is important to know whether you must include your child's SSI payments in your income tax r

How to Distinguish Between Operating & Nonoperating Income in Relation to the Income Statement
by john3850 in Personal Finance
An income statement shows a company's revenues, expenses and net income for an accounting period. Net income includes all of a company's revenues and income minus its expenses. A company often separates its income statement into different sections to designate items that contribute to operating income and items that contribute to nonoperating income. A company's operating income is the income that

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