Step 2: Pay Taxes

Based on the Quarterly Report, calculate how much income tax you need to pay. Assuming NO deductions.

Remember this:

Revenue - Expenses = Gross Profit

Gross Profit - Taxes = Net Profit

And also these definitions:

Money generated from normal business operations.

It’s the money you have after taking expenses out of revenue, but before paying taxes.

It’s the money you have after taking expenses out of revenue, and paying taxes, this is money for you to use as you please.

All the costs of running a business.

An amount of money that the government requires people to pay according to their income.

An expense that can be subtracted from a taxpayer’s gross income in order to reduce the amount of income that will be taxed.

REVENUE BREAKDOWNAMOUNT
Sales Product A$14,500,000.00
Sales Product B$18,000,000.00
Sales Product C$17,000,000.00
  
EXPENSES BREAKDOWN 
PAYROLL$17,000,000.00
EQUIPMENT$2,500,000.00
MARKETING$500,000.00
OPERATIONS$1,000,000.00
SUPPLY$8,000,000.00

Taxes

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