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5 Smart Ways to Handle Supplemental Income

5 Smart Ways to Handle Supplemental Income

https://www.sofi.com/learn/content/handling-supplemental-income/

Supplemental income is money that is earned above and beyond a person’s “regular” income, which, for most people, is earned through working a job. Supplemental income could include income earned…


What Is a Good Debt-to-Income Ratio for a Small Business?

What Is a Good Debt-to-Income Ratio for a Small Business?

https://www.sofi.com/learn/content/debt-to-income-ratio/

…a monthly income of $7,000 and monthly debts of $1,500, the debt-to-income ratio would be 21.4% (that’s ($1,500 / $7,000) X 100). If the new loan payment added another $300…


IRA Tax Deduction Rules

IRA Tax Deduction Rules

https://www.sofi.com/learn/content/ira-tax-deduction-rules/

…subtracted from their income — leaving $60,000 in taxable income. Person X then would need to pay income taxes on the remaining $60,000 — not the $70,000 in income that…


Net Income vs Retained Earnings

Net Income vs Retained Earnings

https://www.sofi.com/learn/content/retained-earnings-vs-net-income/

…their net income is $20,000. If they then pay out $10,000 in dividends to shareholders, the retained earnings calculation would be: $0 + $20,000 – $10,000 = $10,000 in retained…


What's the Difference Between Income and Net Worth?

What’s the Difference Between Income and Net Worth?

https://www.sofi.com/learn/content/income-vs-net-worth/

…out her assets and liabilities: ASSETS Checking accounts $600 Savings accounts $10,000 Home $365,000 401(k) balance $24,399 Vehicle (current value) $32,590 Brokerage account $12,000 TOTAL: $444,589 LIABILITIES Mortgage $200,000 Car…


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