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GAAP vs. IFRS. GAAP (US Generally Accepted Accounting Principles) is the accounting standard used in the US, while IFRS (International Financial Reporting Standards) is the accounting standard used in over 110 countries around the world.
The loose definition of earned income is income that you have earned from doing some type of work for someone or income that you earn from your own business. 1  Add up all of your earned income. 2  Find out your tax bracket, also referred to as tax rate. 3  Calculate your approximate tax.he loose definition of earned income is income that you have earned from doing some type of work for someone or income that you earn from your own business. 1  Add up all of your earned income. 2  Find out your tax bracket, also referred to as tax rate. 3  Calculate your approximate tax.