American Taxpayer Relief Act Passes Senate

[Maxiest]

Are you saying that net income is not what the definition in the MSNBC link says it is? What is your definition of net income?

I am very well aware of what net income is.

I may have typed my explanation wrong.  EBT was ~$250,000.

[Dori]

Are you saying that net income is not what the definition in the MSNBC link says it is? What is your definition of net income?

Have you ever done the bookkeeping or accounting for a small business?  Do you know how to read a balance sheet?

I have.  I've spent my working life doing just that.  I can tell you first hand that the net income that the owner pays taxes on doesn't mean squat.  It doesn't mean left-over, and it doesn't mean that the owner even took a paycheck for himself.  Sure, you can have a left-over of XX dollars showing in the companies checking account, but that money has already been earmarked for next month's rent, next week's payroll and payments against the accounts payables coming due. 

I'm so sick of all this class warfare crap on the job producers.  Most people are clueless how it all works.

[Mr Mannn]

Have you ever done the bookkeeping or accounting for a small business?  Do you know how to read a balance sheet?

I have.  I've spent my working life doing just that.  I can tell you first hand that the net income that the owner pays taxes on doesn't mean squat.  It doesn't mean left-over, and it doesn't mean that the owner even took a paycheck for himself.  Sure, you can have a left-over of XX dollars showing in the companies checking account, but that money has already been earmarked for next month's rent, next week's payroll and payments against the accounts payables coming due. 

I'm so sick of all this class warfare crap on the job producers.  Most people are clueless how it all works.

Yep. Thats Baby Shampoo to a T. Clueless.
BS for the gayest troll name I've ever seen. and dude, seriously: that name just screams faggot.

[Baby Shampoo]

"Net income" is not the same as "profit". BS for you.

Net income and profit are exactly the same thing. The terms are interchangeable as we see in this Encyclopedia of Business:

"A company's revenue is all of the money it takes in as a result of its operations. Another way of defining a company's revenue is as a monetary measure of outputs, or goods sold and services rendered, with expense being a monetary measure of inputs or resources used in the production of goods or services. On the other hand, a company's net income or profit is determined by subtracting its expenses from its revenues.

Read more: http://www.referenceforbusiness.com/encyclopedia/Gov-Inc/Income-and-Revenue.html#ixzz2GmWLoyNa

[Baby Shampoo]

Have you ever done the bookkeeping or accounting for a small business?  Do you know how to read a balance sheet?

I have.  I've spent my working life doing just that.  I can tell you first hand that the net income that the owner pays taxes on doesn't mean squat.  It doesn't mean left-over, and it doesn't mean that the owner even took a paycheck for himself.  Sure, you can have a left-over of XX dollars showing in the companies checking account, but that money has already been earmarked for next month's rent, next week's payroll and payments against the accounts payables coming due.  

I'm so sick of all this class warfare crap on the job producers.  Most people are clueless how it all works.

Dori, you are rambling. We were talking about yearly net income and you somehow pretend that the money reserved for "next month's rent" has anything to do with yearly net income.

Point #2: No money used for rent in any month is included as net income, so your "point" was irrelevant. Reading a bookkeeping book is not important if you don't know what it's being discussed in this thread. Focus.

3) It is unclear that you ever read a bookkeeping book.

[Big Dog]

Dori, you are rambling.

Hey, asshole. Why are you running two users here? You and "SmilinJack" are the same person.

*****.

[Baby Shampoo]

Hey, asshole. Why are you running two users here? You and "SmilinJack" are the same person.

*****.

I am not that user, and please do not be mad because you didn't know profits and net income were the same thing.

[Eupher]

Dori, you are rambling. We were talking about yearly net income and you somehow pretend that the money reserved for "next month's rent" has anything to do with yearly net income.

Point #2: No money used for rent in any month is included as net income, so your "point" was irrelevant. Reading a bookkeeping book is not important if you don't know what it's being discussed in this thread. Focus.

3) It is unclear that you ever read a bookkeeping book.

I'm not an accountant and don't pretend to be, but on the subject of "net income" versus "profit", Wiki offers this statement:

Net income is a distinct accounting concept from profit. Profit is a term that "means different things to different people"[3], and different line items in a financial statement may carry the term "profit", such as gross profit and profit before tax.[1] In contrast, net income is a precisely defined term in accounting.[3]

http://en.wikipedia.org/wiki/Net_income

Footnote 3 is here:
^ a b c Needles, et al. (2010) Financial Accounting. Cengage Learning.

What I'm getting from this tiny little bit of research -- and that's as far as I'm going with it -- the term "profit" means different things to different people whereas "net income" is a stringently-defined term.

[Big Dog]

I am not that user, and please do not be mad because you didn't know profits and net income were the same thing.

Bullshit. Put on your big boy pants and admit it. The three words "you are rambling" in two posts withing 10 minutes gave you away.

[Eupher]

Bullshit. Put on your big boy pants and admit it. The three words "you are rambling" in two posts withing 10 minutes gave you away.

Yeah, I noticed that as well. This guy appears to be at least a smidgeon intelligent, however, whereas the other clown - Jackmeoff or whatever he called himself - was noticeably stupid. And unkempt.

[Ausonius]

I am not that user, and please do not be mad because you didn't know profits and net income were the same thing.

Amazing how people do not understand how Internet addresses, providers, and servers work!   

Profits and net income are NOT the same thing: See:

http://smallbusiness.chron.com/difference-between-net-income-net-profit-after-tax-20663.html

[Ptarmigan]

Are you saying that net income is not what the definition in the MSNBC link says it is? What is your definition of net income?

Net income and profit are different. Profit is net income minus operating cost.

[J P Sousa]

Amazing how people do not understand how Internet addresses, providers, and servers work!   

Profits and net income are NOT the same thing: See:

http://smallbusiness.chron.com/difference-between-net-income-net-profit-after-tax-20663.html

One wonders what a troll will accept as a fact.........or not......

.

[Big Dog]

One wonders what a troll will accept as a fact.........or not......

.

[youtube=425,350]http://www.youtube.com/watch?v=eLhld_PI2zg[/youtube]

Pay attention, kid. There will be a test.

[Baby Shampoo]

Net income and profit are different. Profit is net income minus operating cost.

That was a made-up definition, which explains why you cited no source. Both profit AND net income are revenue minus operation costs.
http://www.investopedia.com/terms/n/netincome.asp#axzz2GokwKj9x

Can you stop inventing definitions in your mind?

[Eupher]

That was a made-up definition, which explains why you cited no source. Both profit AND net income are revenue minus operation costs.
http://www.investopedia.com/terms/n/netincome.asp#axzz2GokwKj9x

Can you stop inventing definitions in your mind?

How about addressing some of the sources that were already cited, rather than target what Ptarmigan has said? Going after low-hanging fruit, perhaps?

[Ausonius]

How about addressing some of the sources that were already cited, rather than target what Ptarmigan has said? Going after low-hanging fruit, perhaps?

Yes, apparently, but I will try one more time, since teachers tend to be persistent!

What Is the Difference Between Net Income & Net Profit After Tax?
by Christine Aldridge, Demand Media

As a manager or an investor, it is important that you understand what net income, or net profit, is and where to find this information. You should also understand what effects taxes have on a company's profits. To do such, you can examine the net income before taxes and the net profit after taxes.

See:

http://smallbusiness.chron.com/difference-between-net-income-net-profit-after-tax-20663.html

And apparently over 3/4 of America qualifies as "wealthy" or perhaps even as "millionaires" with our NewSpeak DoubleThink Government:

The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said.

See:

http://www.bloomberg.com/news/2013-01-01/senate-passed-deal-means-higher-tax-on-77-of-households.html

[NHSparky]

Dori, you are rambling. We were talking about yearly net income and you somehow pretend that the money reserved for "next month's rent" has anything to do with yearly net income.

Point #2: No money used for rent in any month is included as net income, so your "point" was irrelevant. Reading a bookkeeping book is not important if you don't know what it's being discussed in this thread. Focus.

3) It is unclear that you ever read a bookkeeping book.

So tell me then, little troll--what exactly do YOU do for a living?

[DefiantSix]

So tell me then, little troll--what exactly do YOU do for a living?

Professional welfare leech, of course...

[youtube=425,350]http://www.youtube.com/watch?v=Xm8kUNXw3s4[/youtube]

[Wineslob]

So tell me then, little troll--what exactly do YOU do for a living?

It has a Masters Degree in stupidity/C&P

[Eupher]

Now that smilinjack/shitstain has imploded, maybe we can go on to other things.

Like the thread, for example.

I did a quick scan, mods, and didn't see anything that chronicled what Boehner and his boys did last night. This is a pretty good analysis:

Final vote: 257-177, yea

House Speaker John A. Boehner (Ohio) and most other top GOP leaders took no public position on the measure and offered no public comment before the 10:45 p.m. vote. Boehner declined even to deliver his usual closing argument, leaving House Ways and Means Committee Chairman Dave Camp (R-Mich.) to defend the measure as the “largest tax cut in American history.”

The bill will indeed shield millions of middle-class taxpayers from tax increases set to take effect this month. But it also will let rates rise on wages and investment profits for households pulling in more than $450,000 a year, marking the first time in more than two decades that a broad tax increase has been approved with GOP support.
The measure, which dealt with the tax question while punting sequestration cuts and the debt ceiling, passed with the support of 85 Republicans, including the Speaker who took the unusual measure of casting a vote, and 172 Democrats. Here’s the roll call, with the notable Yes vote of Rep. Paul Ryan and the notable No votes of incoming Sen. Tim Scott and Rep. Eric Cantor. Ryan’s vote will, of course, set up a 2016 primary debate on it that some conservatives believe he’ll never overcome. Color me skeptical that three years from now he won’t be able to defend it well enough to get through the process. Ahem, McCain and Romney.

Earlier in the day, the GOP caucus had entertained the idea of amending the Senate bill, which the Senate claimed it would not touch, thus ending this toxic game of ping-pong with a trip over the cliff as the markets opened today. By the time the GOP caucus met for the second time Tuesday, at 5:15 p.m., the tone in the room was reportedly vastly different than it had been earlier in the day. The Speaker offered to bring the bill to the floor for spending-cut amendments if 218 Republicans were in favor of it, but even conservative votes were backing off late Tuesday:

 Jonathan Strong@j_strong
if even the right wingers aren't on board, then the amendment path fails. Fleming, Labrador, others say they are against it.

Rest is at the link.

[Baby Shampoo]

Yes, apparently, but I will try one more time, since teachers tend to be persistent!


See:

http://smallbusiness.chron.com/difference-between-net-income-net-profit-after-tax-20663.html

And apparently over 3/4 of America qualifies as "wealthy" or perhaps even as "millionaires" with our NewSpeak DoubleThink Government:


See:

http://www.bloomberg.com/news/2013-01-01/senate-passed-deal-means-higher-tax-on-77-of-households.html

and once again, you do not say whether net income is calculated before or after payroll is paid to employees. The dodging continues.

[txradioguy]

and once again, you do not say whether net income is calculated before or after payroll is paid to employees.

Does it matter?  Either way simple jack...your buddy Obama is gonna play the class warfare card on the alleged "evil rich".

The dodging continues.

How so?

[wasp69]

and once again, you do not say whether net income is calculated before or after payroll is paid to employees. The dodging continues.

From the linked article:

Net income appears on the company’s statement of income. It is the amount that remains after adding together all revenues and subtracting all expenses, including cost of goods sold and income taxes

http://smallbusiness.chron.com/difference-between-net-income-net-profit-after-tax-20663.html

The US Census Bureau defines Annual Payroll as a business expense:

The gross earnings of all employees paid during the calendar year (cash basis). It includes all forms of compensation, such as salaries, wages, commissions, dismissal pay, bonuses, vacation and sick leave pay, and compensation in kind, prior to such deductions as employees' social security contributions, withholding taxes, group insurance, union dues, and savings bonds. The total includes salaries of officers of corporations; it excludes payments to proprietors or partners of unincorporated concerns. The Census definition of payroll is identical to that recommended to all Federal statistical agencies by the U.S. Office of Management and Budget, in particular, the definition used on the Employer's Quarterly Federal Tax Return, Treasury Form 941. This definition does not include employers' social security contributions or other nonpayroll labor costs, such as employees' pension plans, group insurance premiums, and workers' compensation.

http://www.census.gov/econ/bes/definitions.html

Profits are as thus:

Net profit after taxes is the net income of the organization less all taxes. It is the sum of all revenues less all expenses, including cost of goods sold and all taxes. While it is almost the same as net income, this terminology frequently appears on the company’s financial statements in order to differentiate between profits before and after subtracting taxes.

http://smallbusiness.chron.com/difference-between-net-income-net-profit-after-tax-20663.html

It would appear that it is less a case of "dodging" and more a case of lack of will to read the material presented to you and/or a gross and willful ignorance on your part.  Either way, Ausonius and the rest are right and you (as well as MSNBC) are wrong.

[J P Sousa]

and once again, you do not say whether net income is calculated before or after payroll is paid to employees. The dodging continues.

You are seriously very confused and ignore links to good information.   
.