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Income tax vs. taxable income.
can be expressed as
TI = Σ R - Σ C - Σ D - Σ OE (1)
TI = taxable income
R = revenues
C = operating costs of projects or goods sold
D = assets depreciation
OE = operating expenses
can be calculated as
IT = TI tr (2)
IT = income taxes
tr = tax rate
Engineering economics - cash flow diagrams, present value, discount rates, internal rates of return - IRR, income taxes, inflation.
Operating profit after tax.
Profit is made when revenue exceeds costs.
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