Which of the following includes below-the-line expenses?

Below-the-line expenses refer to those costs that are not directly included in the operating expenses of a business but significantly affect its profitability and overall financial performance. These expenses typically occur after gross income is calculated and can impact net income.

Leasing expenses are included as below-the-line expenses because they represent costs associated with renting or leasing assets, rather than purchasing them outright. This type of financing is treated differently on financial statements, providing a distinction between operating and non-operating costs.

Capital expenditures, which involve purchasing long-term assets that will benefit the business over several years, are also considered below-the-line expenses. While these expenses do not appear as operational costs, they are crucial for understanding a company's overall financial health and investment strategy.

The other options contain elements that either focus on immediate operational costs or do not align with the classification of below-the-line expenses. Income taxes, while significant, are not classified in the same way as capital expenditures; similarly, debt financing impacts overall capital structure rather than being directly tied to operational performance. This understanding clarifies why leasing expenses and capital expenditures align well with the concept of below-the-line expenses.