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Gross Income

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REAL_ESTATE
December 19, 1986 | By Robert J. Bruss, Special to The Inquirer
Last year, I bought a 10-unit apartment building for eight times its gross income. I recently sold it for over nine times gross. A friend told me I sold too cheap. Do you think I made a bad mistake to sell for only nine times gross? I don't know. The gross-income method of valuing income property is not a reliable technique because it does not consider the building's expenses and the resulting net income. Unless your buyer made a large cash down payment, it will be very difficult for him to get a positive cash flow if the sales price was nine times the gross rental income.
NEWS
October 16, 2010
Federal tax returns show Gov. Christie and his wife, a finance executive, earned $544,000 in gross income for 2009, a year he spent running for governor, and paid $147,000 in federal taxes. Christie's wife is a vice president of Cantor Fitzgerald, a financial services firm. Lt. Gov. Kim Guadagno and her husband paid $72,000 in federal taxes on $317,000 in gross income. Guadagno was Monmouth County sheriff. Her husband is a Superior Court judge. The Christies had requested a tax filing extension.
NEWS
April 16, 2005 | Daily News wire services
Monaco bids farewell to Prince Rainier Below a golden crown, Prince Rainier III was given a tearful farewell yesterday at a funeral in Monaco's cathedral, closing a fairy tale that started nearly 50 years ago with his marriage in the same spot to Hollywood beauty Grace Kelly. The pomp-filled, televised service for Rainier, who ruled Monaco for 56 of his 81 years, drew VIPs from around the world to the tiny, sun-kissed Mediterranean principality. The couple's children - heir Prince Albert II and Princesses Caroline and Stephanie - followed the funeral cortege with faces frozen in grief from Monaco's royal palace to the Romanesque-style cathedral.
NEWS
January 5, 1989
A Dec. 23 editorial about Medicare's expansion misstated the income level at which beneficiaries will pay the maximum surtax of $1,050 per person in 1993. According to estimates by Congress' Joint Committee on Taxation, an individual will need to have taxable income of about $24,000 (gross income, including full Social Security benefits, would typically be about $42,000). Couples will have to earn in excess of $43,000 in taxable income before paying the maximum surtax.
NEWS
March 14, 1987 | By H. G. Bissinger, Inquirer Staff Writer
Democratic mayoral candidate Edward G. Rendell and his wife, Marjorie, had an adjusted gross income of $135,927 in 1985, according to income-tax returns made public by Rendell yesterday. Following disclosures earlier in the week by Republican mayoral candidate John J. Egan Jr., Rendell released tax returns for 1981 through 1985. The return for 1985 showed that Marjorie Rendell had a net income of $93,756 from her partnership in the law firm of Duane, Morris & Heckscher. Rendell had a salary that year of $57,664 from his position as district attorney.
NEWS
October 19, 2012
DEAR HARRY: I am a single mother of two boys, ages 21 and 5. I've recently gone out on my own as an independent sales rep and I get no benefits and no deductions on my pay. I own my own home with a small, manageable mortgage and virtually no other debt. I was told by one of my principals that I should get some life insurance. I have absolutely no idea where I should begin or how much to get to protect my children. Any advice?   WHAT HARRY SAYS: Most ofcoursely! Depending on your other assets, I would suggest that you need life insurance of five to seven times your gross income minus income taxes.
NEWS
February 26, 1986
Allow me, as vice president of the Philadelphia Trial Lawyers Association, to provide background on my comment quoted in the Feb. 3 article on obstetricians leaving or limiting their practices. In Pennsylvania a physician spends an average of only 3.5 percent of his or her gross income (less than, for example, the Philadelphia city wage tax) for malpractice insurance, a tax-deductible business expense. The average net income of physicians in the United States is, according to the American Medical Association, nearly $100,000, with the average gross income being reported in the Nov. 12, 1984, issue of Medical Economics to be about $200,000.
NEWS
April 19, 2011 | Associated Press
WASHINGTON - President Obama and his wife, Michelle, reported income of $1.728 million for last year, much of it from the sale of the president's pre-presidency books. They paid federal taxes totaling $453,770 after receiving a $12,334 refund. The Obamas paid their taxes at lowered Bush-era rates, even as he campaigns to end them for households with adjusted gross incomes above $250,000 - a category into which the first family clearly fits. Joining the flocks of Americans filing their taxes near the end of the federal filing period, the Obamas made withholding and other payments to the Internal Revenue Service last year totaling $466,104.
BUSINESS
February 12, 1990 | By Terry Bivens, Inquirer Staff Writer
There's good news this year for the parents of children with taxable income. Congress has simplified the so-called kiddie tax, one of the more cumbersome provisions of the Tax Reform Act of 1986. In its original form, the kiddie tax required separate filings for each child who exceeded certain income thresholds. The return also called for some complicated back-and-forth calculations between the parent's return and the child's. This year, however, parents can elect to include the income of children aged 13 or younger on the parental return.
NEWS
April 19, 2005 | By Mario F. Cattabiani INQUIRER STAFF WRITER
For Pennsylvania's first family, 2004 was better financially than the couple's first year in the governor's mansion. Gov. Rendell and his wife, Marjorie, a judge on the U.S. Court of Appeals for the Third Circuit, reported an adjusted gross income of $511,304 for the year, up 20 percent from 2003, according to their just-released tax return. Both saw their government salaries increase last year. His went from $119,094 to $143,321, hers from $151,772 to $154,300. But most of their new income came from the profits on the sale of stock and mutual funds that the couple had held for years.
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ARTICLES BY DATE
NEWS
June 4, 2014
MY 16-YEAR-OLD son will be working for the first time this summer. He already has plans to buy an iPad with his earnings, and he made the mistake of telling me. What followed was another one of my lectures that ended with him shaking his head. I'm sure my many money conversations will weigh heavily when he and his two sisters are possibly faced with determining who I may have to live with in my retirement years. I bet they'll play rock, paper and scissors to decide. Still, despite the moans and groans and threats of putting me in a nursing home, I lecture anyway.
NEWS
June 19, 2013
D EAR HARRY : We are getting married in September. I live with my parents; my boyfriend lives in an "efficiency" apartment with virtually no closet space. We are considering buying a house or renting an apartment suitable for two people. My parents have offered to let us live with them until we can get our feet firmly on the ground. This would allow us to build a substantial down payment on a house, but it would mean a very large concession on my boyfriend's part. We both work, and our combined income is close to $90,000 a year.
NEWS
April 11, 2013
DEAR HARRY: My 26-year-old son was injured in a fluke accident early in 2012. We have paid a small fortune in medical bills for him in addition to his health-insurance premiums. He has a small amount of earnings, plus some interest and dividends. The total comes to about $24,000. He has been either in hospitals or with us since the accident. There is no indication of whether he will fully recover. Since those medical bills are way above that, may we claim him as a dependent? If not, may we claim a deduction for the medical bills?
NEWS
October 19, 2012
DEAR HARRY: I am a single mother of two boys, ages 21 and 5. I've recently gone out on my own as an independent sales rep and I get no benefits and no deductions on my pay. I own my own home with a small, manageable mortgage and virtually no other debt. I was told by one of my principals that I should get some life insurance. I have absolutely no idea where I should begin or how much to get to protect my children. Any advice?   WHAT HARRY SAYS: Most ofcoursely! Depending on your other assets, I would suggest that you need life insurance of five to seven times your gross income minus income taxes.
NEWS
May 30, 2012
U.S. air agencies relinquish probe U.S. aviation-accident investigators have asked Canada to investigate a collision Monday between two small planes that were owned by employees of separate federal aviation agencies. A plane owned by a National Transportation Safety Board employee collided over Sumerduck, Va., with another small aircraft owned by a Federal Aviation Administration employee, the NTSB said. Two people in the NTSB employee's plane died, the agency said. The sole occupant of the FAA-owned plane survived.
NEWS
April 19, 2011 | Associated Press
WASHINGTON - President Obama and his wife, Michelle, reported income of $1.728 million for last year, much of it from the sale of the president's pre-presidency books. They paid federal taxes totaling $453,770 after receiving a $12,334 refund. The Obamas paid their taxes at lowered Bush-era rates, even as he campaigns to end them for households with adjusted gross incomes above $250,000 - a category into which the first family clearly fits. Joining the flocks of Americans filing their taxes near the end of the federal filing period, the Obamas made withholding and other payments to the Internal Revenue Service last year totaling $466,104.
NEWS
October 16, 2010
Federal tax returns show Gov. Christie and his wife, a finance executive, earned $544,000 in gross income for 2009, a year he spent running for governor, and paid $147,000 in federal taxes. Christie's wife is a vice president of Cantor Fitzgerald, a financial services firm. Lt. Gov. Kim Guadagno and her husband paid $72,000 in federal taxes on $317,000 in gross income. Guadagno was Monmouth County sheriff. Her husband is a Superior Court judge. The Christies had requested a tax filing extension.
NEWS
April 14, 2010 | By David Holahan
I just mailed in my family's income taxes, and I'm not - I repeat, not - hopping mad. I don't own an assault rifle or a crossbow. A week of downpours just wiped out my early garden crops - the peas, beets, and the rest - and I'm already over it. I'll replant. I can't think of a single ethnic group that makes my blood boil - unless you count my own Fighting Irish, those gridiron delinquents. I just sent in the census form without giving it a second paranoid thought.
NEWS
October 3, 2008 | By Kathleen Brady Shea and Mari A. Schaefer INQUIRER STAFF WRITERS
Federal prosecutors yesterday filed bank-fraud charges against a Chester County chemical engineer who earlier had been accused of conducting numerous illicit business transactions with Iran. A superseding indictment was filed against Ali Amirnazmi, 64, a U.S. and Iranian citizen who lived in Berwyn and operated the Exton-based TranTech Consultants Inc., a business specializing in software for chemical companies, court records said. Defense attorney Elizabeth K. Ainslie said yesterday that she has not seen the indictment and could not comment.
REAL_ESTATE
August 17, 2008 | By Al Heavens, Inquirer Columnist
So I get a phone call from an angry reader who complains that the Housing and Economic Recovery Act's $7,500 tax credit to first-time buyers is a sham. "It's just a zero-interest loan!" the fellow shouts loudly into the receiver, as if I'm responsible for the actions of Congress. "The least they could have done was given us a gift!" Yes, the tax credit technically is a zero-interest loan that you will repay to the government over 15 years, starting two years after the credit is claimed, at $500 a year.
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