Self-Employed Taxpayers Must File a Tax Return by June 15

question 13

True/False

Self-employed taxpayers must file a tax return by June 15 of each year.

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Definitions:

Gross Profit

Gross profit is the difference between sales revenue and the cost of goods sold before deducting overheads, interest, taxes, and other expenses.

Net Income

The amount of profit left after all operating expenses, taxes, and interest have been deducted from total revenue.

Income from Continuing Operations

The earnings of a company from its core business operations, excluding one-time income or expenses from discontinued operations.

Total Revenues

The sum of all income generated by a business from its normal operations before any expenses are subtracted.