Julie, an unmarried individual, lives in a home with her 13-year-old dependent son, Oscar. In 2022, Julie had the following tax information.

Q: ow to do a P&L statement

A: A profit & loss statement shows the organization's revenue, expenses, and its profit for a…

Q: Define special purpose entity (SPE)

A: A special purpose entity is a legally separate enterprise that bears liability to an organization.…

Q: Define carried interest

A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…

Q: Definiton of accounting

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing, and…

Q: Define T- account.

A: Transaction:   It is an economic event that is recorded in the accounting system of an organisation.…

Q: Define statement of operations.

A: Financial statements of an organization includes income statement, balance sheet and cash flow…

Q: Accounting

A: Solution: - Definition:- Accounting may be defined as the process of recording, classifying,…

Q: Define compound interest

A: Compound interest: Compound interest is the accumulation of interest to the principal amount of a…

Q: Define registration statement (S-1)

A: For public organizations situated in the US, SEC Form S-1 is the underlying enrollment structure for…

Q: What is asset

A: Assets are those items that provide value for money and future economic benefit for an organization.…

Q: What is GAAP in Full

A: GAAP is a combination of set of different policy standards

Q: Explain accounting domain with example

A: Accounting domain is the wide range of accounting including its all branches like financial…

Q: What are asserts

A: What are assets?

Q: Define disbursement float

A: Disbursement float is a technique by which entity manages the cash as when a firm disburses the…

Q: Define charter

A: Introduction: Charters are legalized documents that lawfully set up corporate companies. Only…

Q: Define accounting

A: One of the most important factor any business is accounting. An accountant is the one who handles…

Q: Define direct quote

A: A direct quote can be computed using the following formula: Direct quote=1Indirect quote

Q: Define Profi t and loss (P&L) statement

A: Introduction: The financial statement is a detailed analysis of the financial situation of the…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.