Content Employer What is the Additional Medicare Tax for high earners? Railroad Retirement Tax Act Compensation Are Medicare premiums tax deductible? More in Annual Guide to Medicare Enrollment Wages, RRTA Compensation, and Self-Employment Income What are the wage base limits for the Additional Medicare Tax? In calculating Additional Medicare Tax on self-employment income, an individual…
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The answers to these questions should help you determine which plan is best for your business. QuickBooks Online is almost always offering a discount on its website, so be sure to check for any promotions before buying. This service gives you access to a QuickBooks debit card, cash flow forecasting, and QuickBooks Envelopes, which is…
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(210) Despite a decrease in sales, gross profit remained steady; however, the company’s cash flow was negatively impacted. (205) The CFO reported that gross profit had increased by 10%, and the company’s board of directors applauded the news. (201) The gross profit margin is a key indicator of a company’s ability to generate profit from…
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The advantage of intuitive software is that you don’t need to spend time learning how to use it and can take advantage of all its features straight away. Opting for a solution that requires extensive training before you can use it is not only going to cost you time but also risk frustrating both you…
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Current assets are items of value that can convert into cash within one year (e.g., checking account). Noncurrent assets are items of value that take more than one year to convert into cash. In April 2024 the Board issued IFRS 18 Presentation and Disclosure in Financial Statements which replaced IAS 1 Presentation of Financial Statements.…
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The company then pays the bill, and the accountant enters a $500 top 4 tiers of conflict of interest faced by board directors credit to the cash account and a debit for $500 to accounts payable. However, this flexibility to pay later must be weighed against the ongoing relationships the company has with its vendors. For instance,…
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If there had not been a credit balance in this account, the difference would have been debited to Retained Earnings. In this case, Paid-in Capital From Sale of Treasury Stock Above Cost is debited for only $3,000 (i.e., the balance in this account that resulted from the previous resale). Finally, no treasury stock held by…
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The other variance computes whether or not actual production was above or below the expected production level. As an example of an unfavorable fixed overhead spending variance, a passing tornado delivers a glancing blow to the production facility of Hodgson Industrial Design, resulting in several hundred roofing tiles being blown off. This cost is part…
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On January 1, 2018, Waterways purchased merchandise in the amount of $250,000. BWW agreed to lend the $250,000 purchase cost (sales price) to Waterways under the following conditions. The conditions of the note are that the principal amount is $250,000, the maturity date on the note is 24 months, and the annual interest rate is…
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Because the double-entry system is more complete and transparent, anyone considering giving your business money will be a lot more likely to do so if you use this system. A bakery purchases a fleet of refrigerated delivery trucks on credit; the total credit purchase was $250,000. The new set of trucks will be used in…
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