Bookkeeping

These cards are generally easier to be approved for since you’ll put down a deposit on your credit card that serves as your credit limit. You can use the card to make small purchases that you can easily pay off, in order to build up your credit history over time. This list of popular rent-reporting […]

One of these unusual types of account balances is known as a “credit balance”. It simply shows that money is leaving your account to pay for the privilege of using someone else’s property. Again, you will need to prove to your landlord that you would be a solid investment for their property, even with a

In this article, we’ll discuss what FICA taxes are, how they’re applied and who’s responsible for paying them. FICA taxes include the Social Security tax of 6.2% (on wages up to $147,000), and 1.45% toward the Medicare tax. Both employers and employees are each responsible for paying this combined 7.65% of gross earnings for a

FICA taxes collected today help fund benefits for current retirees and other beneficiaries, and any unused money goes into the Social Security trust fund to help pay future benefits. A Form 1040 return with limited credits is one that’s filed using IRS Form 1040 only (with the exception of the specific covered situations described below).

In this article, we’ll discuss what FICA taxes are, how they’re applied and who’s responsible for paying them. FICA taxes include the Social Security tax of 6.2% (on wages up to $147,000), and 1.45% toward the Medicare tax. Both employers and employees are each responsible for paying this combined 7.65% of gross earnings for a

Medicare taxes, on the other hand, don’t have a wage limit. But there’s an Additional Medicare Tax that high-income individuals must pay. Fortunately, if you’re self-employed, you’ll get to deduct half of the tax (7.65%) when you file your tax return. The self-employment tax deduction is an above-the-line deduction that you can use to lower

Operating expenses, like selling and administrative expenses, make up the bulk of your period costs. Examples of period costs include selling costs and administrative costs. Speaking of financial statements, it’s important that you take the time to review your financial statements on a regular basis. As an owner, you rely on their accuracy to make

Both of these costs are considered period costs because selling and administrative expenses are used up over the same period in which they originate. Finally, managing product and period costs will help you establish more accurate pricing levels for your products. Examples of product costs include the cost of raw materials used, depreciation on plant,