Modified Adjusted Gross Income (MAGI) is a measure used by the IRS to determine eligibility for certain tax credits, deductions, and additional taxes. It starts with Adjusted Gross Income (AGI) from federal Form 1040 and adds back certain tax-exempt interest income and other deductions.
Net Operating Income (NOI) is a key metric in real estate and business investment that measures the profitability of an income-generating property before costs like taxes and financing expenses are considered.
A paycheck is a check used to pay an employee's wages, containing net wages after deductions for federal and state income taxes, Social Security, union dues, and other benefit adjustments.
The net amount received by a former owner upon selling an asset after covering transaction costs, settling any remaining debt, and potentially paying income taxes.
Selection of filing status available for state and federal income taxes, including options for both individuals and businesses, significantly impacting tax obligations.
