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Laurel has always worked for others,but has become tired of following orders.She wants to find an inexpensive way to start her own business so that she can have the freedom to run her business exactly as she sees fit.Laurel could achieve her goals by becoming a franchisee.
Taxable Income
The portion of an individual's or corporation's income that is subject to taxation by governmental authorities.
Book Income
Book income refers to the amount of income reported by a company in its financial statements according to accounting principles, before any adjustments for tax purposes.
Deferred Tax Liabilities
Future tax payments a company is obligated to pay the government, arising due to temporary differences between its taxable income and its accounting earnings.
Deferred Tax Assets
Future tax benefits obtained due to deductible temporary differences and carryforwards, recognized in financial accounting.
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