Deducted from bonds payable Added to bonds payable Included as an expense in the year of issue Reported as a deferred charge

Hello Branislav, When a bank denies a deal for the 5 year mortgage there is little chance that they will approve a 1 year term. The qualifying income needed for a 1 year term is actually higher than a 5 year term. 5 year mortgages are qualified on the 5 year rate any shorter term is qualified on the bank of Canada rate of 5.19%. If it is a matter of qualifying for the mortgage then the best bet is to look to another lender and ask for an exception to the qualifying ratios. As a Mortgage Agent I can check with the 25 lenders that I deal with to see which Lender will approve the deal if you like. Please let me know if I can help. Contact me at any time. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec." 01:20pm Feb 8, 2011

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Along with my home payed for and net 75k per year

Probably. You sound like an excellent candidate for such a loan, given your income and equity in your current property. Of course, that would depend on how much of a home you want to purchase. Assuming you don't want a million dollar mansion, you should be in fine shape.

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Does anyone understand how to translate gross income into net? for example, if i were earning $75k per year (paid monthly) and placing 6% into a 401k, 1.5% into a city tax and another $200 into insurance, what calculation(s) will bring me to net income? i know that 401k contributions are pre-tax, social security is 6.2% and medicare another 1.45%. that being said, does 401k come out before or after ss and medicare? ultimately, i'd like to set up a spreadsheet that can run this calculation.

it should be just total earnings - total expenses (i.e tax)

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We want a house! total household net income is $26,000 a year ($2100 a month) zero credit card debt we have $30,000 saved up and live in an area where you can get a pretty nice house for 75k

you should definitely be able to pull off a $75k house...when we bought our house we got a loan for 2.5 times our combined gross annual income and with your 30k saved you'll be able to put down a very sizable down payment good for you it's a buyer's market :o)

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I have over 80k debt, make avg 60k a year, have a 401k of 75k (but they won't let me withdraw- and i've already taken the maxium loans anvailable. i've cosigned a loan and my name is on a property.. payments for all cc are around $1300 and i net $1800. i still need to pay rent. i can't afford to make my monthly payments, and want to file for bankruptcy. should i? can i? which one would i qualified for? if i could withdraw my 401k, and payoff my debt i would. but irs doesn't see paying cc off as hardship to do so. also, could i transfer name of the property to someone else, so it wouldn't affect them if i do file for bankruptcy? i don't want to drag other people with my problems!

You should seek conseling. You definately should not file for bankruptcy though.

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Plan on buying a home next year in the chicago area and was just surfing the net looking at listings for fun and came across a ton of 3-4 bedroom houses for 60-75k. what's the catch? seems waaaay to good to be true. i was thinking the cheapest i'd find would be between 100-200k with an income of 50k. what's the word?

If they're THAT cheap, they're probably on Short Sale or foreclosure. Keep in mind that if a foreclosure is taking place (and in many cases, Short Sales) the tenants who are getting evicted may be abusing the place- after all, what do they care if they trash the place or not? So, you could have some clean up and repair work to do. But, yes, depending on where you are in the country, values have gone down dramatically. I am shopping for a house in Southern Florida right now and most of them are 65% of their price from a year ago . In addition, I have very good credit, so I am getting an interest rate of about 5.5%. The market isn't going to turn around to much in the next year, so don't let a couple months get you rattled. Instead of being 35% less next year, they may be 25% less. But, all in all, it's still a good market to buy. Just make sure you do it right and put enough due diligence into it so you don't get burned while you're trying to find a bargain.

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I received $300 for my irs stimulus payment. this was primarily based on my net income tax liabilty. it was not greater than $600, therefore i was declined the (personally) expected amount of $600. i filed a w2 and a 1099, had a few write off's due to self-employment purchases, and i was able to claim the tuition i paid in 2007. if it helps to know, the "tax" amount (lines 44 and 45 added together) and the "total credits" amount (line 56) were the same. because they were the same, the amount of tax after credits (line 57) was 0 (zero). and according to the irs, this amount needs to be greater than $600 for a single filer to receive a stimulus payment of $600. my mom, who made close to $75k, received more than i did, when i earned slightly over $21k. if anyone can help me understand this, i would be very grateful! please know i will not take offense to anyone explaining this to me like i'm a four year old. in fact, i suggest doing just that if you can! thank you! i'm very grateful for the amount i received, don't get me wrong. i'm just asking for help to understand what net income tax liabilty is and how and why it affects the amount of your return.

In your case, since you have no dependent under age 17, your net tax liability is the amount on Line 57, zero. This is the amount you paid in taxes. Because your income was over $3,000, the rules for the rebate resulted in your getting a $300 "rebate" even though you have zero tax liability. Your mother, who was in a higher tax bracket, was not able to reduce her tax liability to zero. She may have received up to $600 or her tax liability whichever is less (but not less than $300).

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I currently make $75,000 a year and i live in dallas, texas. with taxes and everything, i net about $58,000 a year. i pay $800 for rent now in dallas for my 1 bedroom apartment. there has been a job offer for 100k that will be in downtown manhattan. i'm not sure whether i should take this or not, whether it would be a comparable living standard. will i have more left over if i move to new york? will i have less? i know it depends on where i live and the cost of rent. but if you're from new york, can you give me an idea of your experience?

100k in Manhattan is about equal to 47k in Dallas. Go look on line for apartments, and look for restaurants and view the menus. You will find cost are significantly higher. Good Luck to you.

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Wilson corporation uses an income statement approach to estimate credit losses. its gross accounts receivable of $5,000,000 at the beginning of the period had a net realizable value of $4,925,000. during the period, the company wrote off actual accounts receivable of $100,000 and collected $7,835,000 from credit customers. credit sales for the year amounted to $9,000,000. of its credit sales, 1 percent was estimated to eventually be uncollectible. having trouble with this question: i know for income statement, i should do: 4925,000 - 25,000 (75k allowance - 100 write off) = 4,900,000. also, 9 million * (0.01) = 90k, so 4900000 - 90k = 4810000. now what i don't get is where the 7835000 in credit receivables comes in?????? thanks for the help

NRV = Gross AR - Allowance for doubtful accounts (ADA) You need to work on the AR and the ADA separately. Gross AR Beginning balance $5,000,000 + Credit sales $9,000,000 - Collections from customers ($7,835,000) - Amount written off ($100,000) = Ending balance $6,065,000 ADA Beginning balance $75,000 + 1% deemed uncollectible $90,000 - Written off ($100,000) = Ending balance $65,000 So ending net realizable value = ending AR - ending ADA = $6,065,000 - $65,000 = $6,000,000