FICA taxes are withheld from employee wages, while income taxes are reported on an individual’s tax return. The Federal Unemployment Tax Act (FUTA) generates money for national unemployment programs through taxes imposed on nearly any business with more than one worker. FUTA taxes fall on employers, not their staff. However, FUTA rates must be derived […]
The employee pays 1.45% and the employer pays 1.45%. For 2023 and 2024, the total Social Security tax rate of 12.4% is split between employee and employer. The employee pays 6.2% and the employer AI in Accounting pays the other 6.2%. What Employees Need to Know FDIC insurance is available for funds on deposit through […]
(ii) a covered loan of the taxpayer under section 7A of the Small Business Act is fica meaning not forgiven by reason of a decision under section 7A(g) of such Act. (c)(1). 101–239, §10204(b)(1)(E), inserted “(or, if the employer is a partnership, each partner therein)”. 101–239, §10204(b)(1)(A), inserted “(or, if the employer is a partnership, […]
In some cases, funders may actually state that they do not accept applications with more than 10% of your budget allotted to overhead. This stipulation is usually part of the requirements for government applications. In some cases, we see nonprofits get some negative press when their high overhead percentage is revealed. It’s mandatory for nonprofits […]
To prepare for anomalies without disrupting operations, you should regularly review and adjust the contingency fund based on your financial situation and any emerging risks. Investing in cash management software is also a great way to gain better visibility and ensure financial stability. By monitoring cash flow closely, your team can anticipate and plan for […]
The cash flow statement is a financial statement that shows the inflows and outflows of cash of a company over a specific period. Depreciation is added back to net income on the cash flow statement because it is a non-cash expense. This adjustment increases the cash flow from operating activities on the cash flow statement. […]
Therefore, companies that own vehicles use the straight-line method of depreciation to allocate the cost of these assets over their useful life. However, they also take into account the salvage value of the asset, which is the amount that the asset can be sold for at the end of its useful life. Straight-line depreciation is […]
This video shows you why it is essential that you have a precision construction accounting system and shows you the impact it will have on your growth and profits. Lien waivers and retention management, ensuring compliance with legal requirements and preventing payment disputes. Estimating and bid tracking tools to help with accurate pricing and bid […]
For financial professionals, a comprehensive understanding of retained earnings is indispensable for executing effective financial planning and analysis (FP&A) strategies. This article will delve into retained earnings, examine their calculation and significance within the financial Bookkeeping for Chiropractors landscape, and differentiate them from closely related financial metrics. After adding/subtracting the current period’s net profit/loss to/from […]
We will use an easy-to-follow story with only enrolled agent salaries one transaction per day to help you better understand the cash flow statement. Companies may choose to use either the direct method or the indirect method when preparing the SCF section cash flows from operating activities. However, the indirect method is the dominant method […]