Employees and Founders of Not-For-Profit Organizations Do NOT Usually Earn

question 73

True/False

Employees and founders of not-for-profit organizations do NOT usually earn any income from their operations.

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Definitions:

Tax Liability

The total amount of tax owed to the IRS by an individual or business for a given tax year.

Income Tax Formula

The calculation used to determine the amount of income tax that an individual or entity owes to the government.

Taxpayers

Persons or organizations required to remit taxes to a government at the federal, state, or local level.

Tax Credits

Amounts that taxpayers can subtract directly from the taxes they owe to the government, rather than from taxable income.