Suppose that during a given year, I receive payments of $50,000. During this year, $30,000 of these payments have not yet been earned. Should the $50k go as revenue on my income statement? Should the $30k go as a liability on my balance sheet? How should I represent all of this in the liability section of my balance sheet?
Thanks in advance.
A and B are partners. at the beginning of the current year, A's capital account is $30000, and B's is $50000. A and B decided to allocate income with 10% interest on capital balances at the beginning of the period and divide the balance equally. Net income for the current year is $80000. Each partner withdrew $150000 for personal use during the year. What is the amount of income that will be allocated to each partner?
I have been working in a foreign embassy since 2007 and now that its time to file the taxes I am just wondering if my income can be treated as a foreign income(non-taxable) since i'm paid by a foreign government(for whose embassy i work). Also if it cannot be treated as a foreign income, where should i report it? I receive my salary by check, and since its an embassy they don't give me a W-2 or a 1099.
How much Income do I need to have in order for me to be considered a financially independent person?
I am over 18, and I need to be financially independent, how much income do I need to earn?
