Calculate the net income or net loss for the period shown below...?
Calculate the net income or net loss for the period shown below. Then show how the Owner’s Equity changes from the following general ledger account balances. Solve this problem using an electronic spreadsheet. White's Capital $2,500 White's Withdrawals $500 Fees Revenue $900 Advertising Expenses $100 Miscellaneous Expenses $200 Rent Expenses $150 Utilities Expenses $15 I don't need you to do my assignment for me, but could you explain to me what it is I have to do exactly? I made an income statement, showing a net income of $500. Then I made a Statement of Changes in Owner's Equity, showing an Ending Capital of $9,000. I have no idea if this is right, but if it is, what comes next? Thank you!
How can I show salary and capital loss in ITR for AY 2015-16? Is it possible to file ITR online for the same?
Yes u can file the ITR online although the method would be a little different. See ITR 1 & ITR 4S can be filled directly on the portal of income tax i.e. incometaxindiaefiling.gov .in however for other forms like ITR 2 in ur case, u need to file the return in just a different manner.1. Go to the web page mentioned above 2. On the right side under downloads tab u will find ur relevant form, download it either in java script or excel ( u can use either of two ) 3. open the forms, enable the macros/ java & fill the forms4. Validate them5. when done generate XML of forms6. Now login to above site log in to ur account and instead of quick file itr choose to upload the return, fill the relevant data and upload the XML ...done Best of Luck !!!!!
Excel Question Help?
It really depends on your layout of the spreadsheet. Go the NET block. Click on SUM. When the formula pops up... Click on the GROSS block, Click on MINUS (for subtraction) Click on the FED TAXES Click on MINUS Click on SS Click on Minus Click on State taxes Click on MINUS Click on ENTER The NET remaining amount should pop up in the NET block.
How can I show Short term capital gain and losses in my ITR 1, I am salaried person and my employer has already deducted TDS from my salary?
HiiYou have to declare this to your employer when you were asked about your investment or any other incone or loss.But not an issue you can now file your ITR1 Showing your net income under the head Capital Gain.Simply just fill the amount of loss in the column there and there is no need to show calculations in ITR. Only have to put net amounts from every head of income.Greetings - Prateek mohan sharma (पंडित) Persuing CA, Financial Advisor (Financial & Retirement Planning) Facebook- pssharma110@gmail.com Whatsapp- #9811435863
Filing Taxes as a Part Time Day Trader In Canada?
In 2009, my 40 hour a week job was my main source of income but I was experimenting with stock trading on the side. I was laid off from my job but I didn't go on unemployment insurance and so my main source of income (even though I lost more money than I made) technically did eventually become my main source of income. I have no positive income from stock trading in 2009. I still need to account for everything in my tax return though, every trade and every detail of every trade. I don't know how to do that, should I add copies of my bank and trading statements with a written letter to tell them exactly what I was doing? A little background information: - I'm a strict intraday trader (buying and selling the same stocks within minutes), not investing, and so I don't think "Capital Gains" is the way to file - I have a "Tax Free Trading Account" from Questrade but most of my trades were done with my regular Margin account, I only have two accounts. - I have a "Profits and Losses" report for each of my accounts. - I converted a bunch of my money into US Funds to trade US stocks - I have so many trades to account for that I can't fit them on any of my tax forms I have a number of questions that are making my hair fall out. 1.) because one account is a "Tax Free Trading Account" where do I place thAt in my return? 2.) When looking at my P/L, how does Canada Revenue Agency expect me to calculate and display every trade I made during 2009? Is there any place in my return to place and calculate this information? Do I staple the P/L portion to the back of my return and just place certain numbers and calculations into the tax forms under certain boxes and tally it up with the rest of my return, or what do I do? It's probably pretty easy but I just can't figure it out and I want to be sure. Somebody knows what to do. Thanks in advance.
ITR 2 How to fill short term losses and gain of equity shares of previous years?
ITR2A is a much simpler subset of ITR2 and is not covered separately. Individuals or HUFs with no income from business/profession, no captial gains and no income from foreign assets can use ITR2A.Individuals or HUF’S with no income from business/profession, but with capital gains and income from foreign assets should use ITR2.Guide to efile Income Tax Return: ITR2, ITR2A and ITR4For expert advise visit Financial Hospital
How is income tax calculated?
For any earning individual, it is crucial to understand how income tax is calculated. In India, the government levies taxes based on the income of an individual. To keep it fair, the higher the income of a person, the more taxes he has to pay. The taxation slabs for individuals below the age of 60 are as follows:-Income Tax Slab = Income Tax RateIncome up to Rs. 2,50,000 = NilIncome between Rs. 2,50,001 = Rs. 500,000 -10% of Income exceeding Rs. 2,50,000Income between Rs. 500,001 - Rs. 10,00,000 = Rs. 25,000 plus 20% of Income exceeding Rs. 5,00,000Income above Rs. 10,00,000 = Rs. 1,25,000 plus 30% of Income exceeding Rs.10,00,000The good news is that, you do not have to do the tax calculations yourself. If you are inexperienced in these matters, it is always better to seek professional help. Mistakes in tax calculations may lead to unnecessary trouble. You can always seek the help of charted accountants or online tax filing websites to prepare your taxes. Tax filing websites such as H&R Block provide online income tax calculator which are capable of calculating your taxes accurately. The best part is that, these services are available online free of cost. All you have to do is fill up information such as your personal details, current income and the deductibles. Therefore, you can calculate the total tax payable for a particular year, within minutes.
How do I go about filing income tax for eBay sales?
If you only sell items on eBay occasionally, then you are most likely a sole proprietor (some eBay sellers will incorporate their business but most eBay sellers are sole proprietors). Sole proprietors report their eBay income and expenses by completing Schedule C - Profit or Loss from Business and attaching it to their personal income tax return (Form 1040). You should report your gross income (the sales price before any fees or discounts), then deduct your business expenses to arrive at your net profit. Business expenses that eBay sellers typically incur include: * Inventory cost * eBay listing fees * Paypal fees * Shipping costs - postage, packing materials, etc. * Mileage for trips to the post office, trips to find inventory (most people use the standard mileage but you can use actual expenses instead) * Home office expense - mortgage interest, real estate taxes, rent, utilities, and repairs/maintenance * Office supplies * Computer and software expenses (may need to be depreciated over the life of the item) * Telephone and internet costs (business use only) * Advertising * Continuing education There are more expenses that you may incur, but these are the most common for eBay sellers. It's important to keep good records so that you get all the deductions you are entitled to. And yes, you should keep itemized lists of your income and deductions - the more detailed your records, the better, especially if you are ever audited by the IRS. You are only taxed on the net profit, but you have to pay self employment taxes on your profit in addition to your ordinary income taxes. The self employment tax is 15.3% and your ordinary income tax rate can range from 10-35%, so these taxes can add up quickly! This is another reason why you should keep good, detailed records. To keep track of your income and expenses, I would suggest either Excel spreadsheets or an accounting software program such as Quicken Home and Small Business or QuickBooks. eBay also offers an accounting assistant (fee applies) which allows you to download your eBay activity into your QuickBooks software (very cool!). The IRS is targeting eBay sellers and other small business owners who may be under-reporting income (or not reporting it at all), so good for you for being proactive and learning your responsibilities as a small business owner.
How to calculate capital gain & tax for ESPP?
The answers to your questions are: a. No you did not pay any tax on the $10 gain you made at the time you bought the shares and b. your capital gain will be the $1,000 based on the $10 exercise price. Caution - Make sure you hold your ESPP shares for the FULL two year period. Internal Revenue Code Section 423 requires that ESPP shares be held more than two years from the date of the grant of the option AND more than one year from the purchase of the shares otherwise your gain becomes ordinary wage income. If held the full period, your gain is capital gain subject only to a maximum 15% capital gains tax. Caution - Under rules that took effect October 23, 2004 (see page 8 of the attached link), your gain is not subject to social security or medicare withholding AND your employer is not required to withhold income tax. This means that you will report the gain on your tax return, but will not have had the income tax withheld, unless your employer voluntarily does so. In this case, consider increasing your income tax withholding or make an estimated tax payment directly to the IRS and your state.