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6 1 Absorption Costing Managerial Accounting
Depending on the type of business structure, small businesses may also be required to use absorption costing for their tax reporting. This is not right because fixed costs remain the same regardless of the units produced. In the article about income statements under marginal cost, we discussed that marginal costs give a higher net profit…
Read MoreTopic no 751, Social Security and Medicare withholding rates Internal Revenue Service
Your company sends the money, along with its match (an additional 7.65% of your pay), to the government. In this article, we’ll discuss what FICA taxes are, how they’re applied and who’s responsible for paying them. Businesses with employees have a number of responsibilities when it comes to small-business taxes. The federal income tax is…
Read MoreWhat Is Accounting? Definition, Objectives, Advantages, Limitation, Process
Essentially, any information that may be useful to management falls underneath this umbrella. Accounting is the process of keeping track of all financial transactions within a business, such as any money coming in and money going out. It’s not only important for businesses in terms of record keeping and general business management, but also for…
Read MoreDeath spiral insurance Wikipedia
Feelings of being overwhelmed and impotent come up as I observe the situation of the planet and society, and I realize how powerful having a meaning is in that it gives you a sense of agency. Substantially lowered visibility leaves them needing clarification and direction, and for that their instruments are essential. But in very…
Read MoreRed Pandas for Sale
And now you know, why so few zoos outside of China keep pandas. Renting one from the Chinese government costs $1,000,000 annually. If that wasn’t enough how to read stock charts for beginners you would need to spend $75,000 a year on bamboo so that your pet has something to eat. Additional costs occur for…
Read MoreWhat is an Account Definition & Meaning of Account
In addition, the format of the report is stipulated by governing bodies. The end result is a financial report that communicates the amount of revenue recognized in a given period. Managerial accounting assesses financial performance and hopes to drive smarter decision-making through internal reports that analyze operations. Accrual basis accounting (or simply “accrual accounting”) records…
Read MoreFICA Tax in 2020 and 2021
It’s easy to get tripped up because you have to withhold the correct amount of FICA taxes from your employees’ paychecks, and you also have to pay the correct employer’s portion of the taxes. Simply multiply employers and employees or self-employed gross pay by the Social Security and Medicare tax rates. For the past couple…
Read MoreQuickBooks® Online Pricing & Free Trial Official Site
Both versions have mobile apps, but the app for the Desktop version primarily functions as a way to upload receipts, and the Online mobile app is robust in comparison. QuickBooks Online — often considered the industry standard for accounting software — is fairly user-friendly, but some basic accounting knowledge will help you get started. Higher-tier…
Read MoreQuickbooks Online Vs Desktop
Retailers and wholesalers should choose Plus so that they can track the quantity on hand and the cost of inventory. Contractors should also select Plus to track the profitability of individual projects. Other businesses should consider whether tracking P&L by class and location is worth the extra $30 per month. Along with these 150 reports,…
Read MoreWorking Capital: What It Is and Formula to Calculate
For assessing your company’s long-term health, you still need to look at all of your financial statements and other metrics, like the debt-to-equity ratio, which includes fixed assets and long-term debt. Your company’s working capital will also have to increase alongside your revenue, especially if you’re selling products. Increasing sales typically leads to additional cash…
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