This results in a decreasing net income. During times of inflation, LIFO leads to a higher reported COGS on your financial statements and lower taxable income. Whoever prepares your taxes should advise you on what inventory accounting method you should use for your business. 3. Figure out ...
Gross income: $500,000 - $300,000 = US$200,000 Importance in international employment Calculating gross income gets trickier with international employment due to different tax laws, social security systems, and regulations. Businesses need to consider: Local definitions of taxable income Currency exch...