Booking a receivable is accomplished by a simple accounting transaction; however, the process of maintaining and collecting payments on the accounts receivable subsidiary account balances can be a full-time proposition. Depending on the industry in practice, accounts receivable payments can be received up to 10–15 days after the due date has been reached. These types … Continue reading “Accounts receivable Wikipedia”
In the case of a limited liability company, an executive officer is any member, manager, or officer. The responsibilities of an organization’s CEO are set by the organization’s board of directors or other authority, depending on the organization’s structure. They can be far-reaching or quite limited, and are typically enshrined in a formal delegation of … Continue reading “CEO English meaning”
While the employee is only subject to Social Security tax on the first $160,200 in 2023 ($168,600 in 2024), they will have to pay 1.45% Medicare tax on the entire $170,000. Individuals who earn more than $200,000 are also subject to a 0.9% additional Medicare tax. If you are self-employed, you pay Social Security taxes … Continue reading “2023 Social Security Wage Base Increases to $160,200”
The OASDI tax is the amount of money taken from your earned income to pay for Social Security benefits. You give up a portion of your salary, and your employer has to pay a matching portion as well. Employees and their employers across the country pay to fund the benefit payments that retirees receive. Over the … Continue reading “2023 Social Security Tax Limit Increase”
Or, we can say period costs are those expenses not expensed for producing the good or service. The cash balance declines as a result of paying the commission, which also eliminates the liability. However, rather than the entire Capex amount being expensed at once, the $10 million depreciation expense appears on the income statement across … Continue reading “What is the matching principle?”
The pay period for hourly employees ends on March 28, but employees continue to earn wages through March 31, which are paid to them on April 4. The employer should record an expense in March for those wages earned from March 29 to March 31. There are times when it’s harder to understand if expenses … Continue reading “The Matching Principle in Accounting What You Need to Know”
You know the fixed rate of interest that you will get for your bond when you buy the bond. The weighted average duration can also be calculated for an entire bond portfolio, based on the durations of the individual bonds in the portfolio. The value of your investment will fluctuate over time, and you may … Continue reading “I bonds interest rates”
Higher-income taxpayers are required to pay higher Medicare taxes. In 2013, an additional Medicare tax was implemented, imposing an extra 0.9% of taxes on earnings over $200,000. Employees at U.S. businesses are required to pay what are known as FICA taxes, often referred to as payroll taxes. Your FICA taxes impact your final net pay … Continue reading “Topic no 751, Social Security and Medicare withholding rates Internal Revenue Service”
If you are serious about drawing, you might also want to consider a storage place for your art, or a drawing portfolio-art case. If you are also on the move a lot, you will need a carry case for all your tools and materials. Many of the art containers you can purchase today have stackable … Continue reading “What To Draw”
When using T-accounts, a debit is on the left side of the chart while a credit is on the right side. Debits and credits are utilized in the trial balance and adjusted trial balance to ensure that all entries balance. The total dollar amount of all debits must equal the total dollar amount of all … Continue reading “Debit vs Credit: Bookkeeping Basics Explained”
