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.
If you add up all the taxes you pay now, Fed. Income tax, FICA, Social Security, State tax, City tax, Local tax, Property tax, Sales tax, Gas tax, etc., already most of your income goes toward paying taxes.
What percentage will be too much. Will you work when every penny you earn goes to pay your taxes or will you just say to hell with it all?
If you add up all the taxes you pay now, Fed. Income tax, FICA, Social Security, State tax, City tax, Local tax, Property tax, Sales tax, Gas tax, etc., already most of your income goes toward paying taxes.
What percentage will be too much. Will you work when every penny you earn goes to pay your taxes or will you just say to hell with it all?
I don't want my rent going up and down all the time and child support based on my income as it is not the same each month. How do you report income that may be there one week but not the next and so on?
