The FICA tip credit attempts to ameliorate the financial burden of paying these taxes on the employer. It allows employers to take a credit against their federal income based on the amount of FICA and Medicare taxes paid on tips reported to the employer. Restaurant payroll is the total compensation a restaurant business must pay […]
When first starting out, market yourself as a professional who is well-versed in managing accounts, reconciling transactions, providing financial overviews and balancing budgets. Ask for testimonials from people who have utilized your services in the past and spread the word about your offerings through a website or social media. In this module, you evaluate contemporary […]
For figuring out an optimal amount of units – and to help improve operations and reduce costs – figure out your economic order quantity. The reorder point varies from product to product and is primarily influenced by two critical factors – daily sales velocity and lead time. When your inventory reaches a reorder point, it’s […]
Due to agreed FOB shipping point terms, they’ll have no recourse to ask the seller for reimbursement. Assume a fitness equipment manufacturer receives an order for 20 treadmills from a newly opened gym located across the country. The articles and research support materials available on this site are educational and are not intended to be […]
You can’t deduct the part of the interest expense that represents your personal use of the car. Transportation expenses you have in going between home and a part-time job on a day off from your main job are commuting expenses. Figure B above illustrates the rules that apply for deducting transportation expenses when you have […]
You pay capital gains tax when you sell an asset and make a profit. Depending on how long an asset was owned before it was sold, capital gains taxes may be higher or lower. If you are selling an asset strategically, you can reduce or avoid capital gains taxes. Next Up in Business Real estate […]
Dedicated accounting software can streamline bookkeeping and might even offer budgeting tools to help you plan for the future based on your bookkeeping insights. Bookkeeping and accounting practices like fund accounting, monthly account reconciliation, and filing reports and statements with the IRS will help your church remain transparent. If you’ve found it challenging to keep […]
Here is everything to know about the top accounts receivable automation solutions for 2024, including the pros and cons for each platform. Accounts Payable (AP or A/R), sometimes called “payables,” is the amount of money a business owes goods or services it receives on credit from a vendor. Accounts Payable is considered a current liability […]
Analysts carefully monitor the days outstanding numbers for signs of weakening business conditions. One of the first signs of a business downturn is a delay in the payment cycle. These delays tend to have ripple effects; if a company has trouble collecting its receivables, it won’t be long before it may have trouble paying its […]
Once they pass, they receive an email notification and an official digital certificate within two weeks. They may record transactions, manage general accounting ledgers, and create financial statements. According to the Bureau of Labor Statistics (BLS), bookkeepers earned a median annual salary of $45,560 as of May 2021. Understanding QuickBooks at this level means users […]