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Factor cost or national income by type of income is a measure of national income or output based on the cost of factors of production, instead of market prices. This allows the effect of any subsidy or indirect tax to be removed from the final measure. [1] The concept of factor cost is focusing on the cost incurred on the factor of production.
income from self-employment (often included in operating surplus or gross profit). income of the unemployed. income of those not in the labor force. the value of work by unpaid family workers. property income as contrasted with labour income. taxes payable by the employer to the government in respect of the total gross salary bill.
The idea is that value is created when the return on the firm's economic capital employed exceeds the cost of that capital. This amount can be determined by making adjustments to GAAP accounting. There are potentially over 160 adjustments but in practice, only several key ones are made, depending on the company and its industry.
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Self-employed individuals must pay income tax and any business income earned. This includes driving for Uber, selling printables on Etsy or mowing lawns around the neighborhood.
For a business, gross income (also gross profit, sales profit, or credit sales) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments. This is different from operating profit (earnings before interest and taxes). [1]
Labor productivity vs. compensation in the United States. Real wages are wages adjusted for inflation, or equivalently wages in terms of the amount of goods and services that can be bought. This term is used in contrast to nominal wages or unadjusted wages. Because it has been adjusted to account for changes in the prices of goods and services ...
ROCE is used to prove the value the business gains from its assets and liabilities. Companies create value whenever they are able to generate returns on capital above the weighted average cost of capital (WACC). [3] A business which owns much land will have a smaller ROCE compared to a business which owns little land but makes the same profit.