Category: Bookkeeping

The program is need-based and not reliant on an individual’s work history or FICA contributions. This means that people receiving SSI do not pay into the program through their wages and will not be entitled to Social Security or Medicare benefits based on their contributions. Unlike wage earners, self-employed individuals do not have an employer matching the FICA taxes they pay. Components of FICA Taxes The tax rate for Medicare is 2.9%, with both employers and employees sharing an equal responsibility to contribute. Notably, there are no wage base limits for Medicare taxes like Social Security, meaning that all wages are subject to this tax. You will pay 6.2% of your wage base, or gross income, in Social Security https://www.facebook.com/BooksTimeInc/ tax. In addition, you will pay 1.45% of your pay…

For those just starting or on a tight budget, Wave offers free invoice management (with some paid premium features). Designed for freelancers and growing businesses, FreshBooks brings an intuitive interface and a set of robust invoicing features. On the right sidebar of the page, you’ll find over 100+ templates you can customize with your preferred brand colors, font, images, and business logo. Adding 1% to 1.5% of the overdue amount, either monthly or as a flat rate is typical. How to improve the sales invoicing procedure? http://energynews.su/12232-otechestvennoe-po-v-aviacii.htmls are commonly confused with other transactional documents, like purchase orders and sales receipts or bills. For larger companies, accounting or CRM software platforms often come with more complex templates as well as invoice management tools. These allow a salesperson to generate, send, and…

Absorption costing is by GAAP because the product cost includes fixed overhead. Variable costing considers the variable overhead costs and does not consider fixed overhead as part of a product’s cost. It is not by GAAP because the fixed overhead is treated as a period cost and is not included in the cost of the product. In addition, the use of absorption costing generates a situation in which simply manufacturing more items that go unsold by the end of the period will increase net income. Because fixed costs are spread across all units manufactured, the unit fixed cost will decrease as more items are produced. Absorption Costing vs. Variable Costing When we prepare the income statement, we will use the multi-step income statement format. Absorption costing provides a more accurate,…