Joannes dad makes textsterling54, 000 every year. This is the amount of money he makes before taxes, insurance and other deductions are taken out of his paychecks. The amount of money he makes before these items are taken out is called his-

TAXES

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Joanne’s dad makes £54, 000 every year. This is the amount of money he makes before taxes, insurance and other deductions are taken out of his paychecks. The amount of money he makes before these items are taken out is called his-

A	gross income
B	net income
C	property tax
D	sales tax

Explanation:

Detailed explanation-1: -For individuals, gross income is all the money you earn before taxes and other deductions are subtracted. Your earned income can come in many forms: salary, bonuses, tips, hourly wages, rental income, dividends from stocks and bonds, and savings account interest.

Detailed explanation-2: -Standard deduction means a flat deduction to individuals earning a salary or pension income. It was introduced in the Budget 2018 in lieu of the exemption of transport allowance and reimbursement of miscellaneous medical expenses. For FY 2022-23, the limit of the standard deduction is Rs 50, 000 in old regime.

Detailed explanation-3: -Any cash allowance given to employees for holidays, marriage or bereavement etc. is fully taxable. 5. Project Allowance for project related expenses, meals allowance for food expenses and overtime allowance for working extra hours are also taxable.

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MANAGEMENT

BUISENESS MANAGEMENT

TAXES