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Income Tax

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Taxable Income

can be expressed as

TI = Σ R - Σ C - Σ D - Σ OE         (1)

where

TI = taxable income

R = revenues

C = operating costs of projects or goods sold

D = assets depreciation

OE = operating expenses

Income Taxes

can be calculated as

IT = TI tr         (2)

where

IT = income taxes

tr = tax rate

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Related Topics

• Economics

Engineering economics - cash flow diagrams, present value, discount rates, internal rates of return - IRR, income taxes, inflation.

Related Documents

Net Income

Operating profit after tax.

Operating Profit

Profit is made when revenue exceeds costs.

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