The state income tax is charged at a flat rate of 5%, though certain capital gains income is taxed up to 8.5%. Arizona joined the growing list of states with a flat individual income tax structure, one year earlier than originally anticipated. 1828, tax triggers were established that set the state on a course to …
Massachusetts State Income Tax: Rates and Who Pays in 2023-2024 Read More »
As transactions occur within a business, the amounts of assets, liabilities, and owner’s equity change. The inventory (asset) of the business will increase by the $2,500 cost of the inventory and a trade payable https://www.bookstime.com/ (liability) will be recorded to represent the amount now owed to the supplier. Capital essentially represents how much the owners …
Accounting Equation: Meaning, Definition, Formula, Example Read More »
You’ll also want to add integrations with any other business software service you already use. QuickBooks offers a range of integrations covering areas including sales, compliance, marketing, and cash flow forecasting. You can easily scan and upload receipts in real-time using the QuickBooks mobile app, so you don’t need to run helter-skelter to collect them …
How to Use QuickBooks Online: Step-By-Step Guide Read More »
Content Streamline Your Photography Business Accounting Accounting Essentials for Photographers Cost of Goods Sold for Service Businesses The Best Photography Articles & Guides for Covid-19 Support Pricing For Commercial Photographers Their basic plan starts at $21/month, though most photographers go for the $58/month pro plan to access the best features. So if you make $50,000 …
A Complete Guide to Filing Taxes as a Photographer Read More »
Implement systems to accurately track and report all payments to employees and contractors. Construction bookkeeping is a form of bookkeeping unique to the construction industry. Its purpose is to enable construction companies to have a better understanding of their financial situation through tracking and recording both expenses and incoming payments. Firstly, it allows contractors to …
Bookkeeping Essentials For Construction Companies Read More »
You can debit your Cash account and credit your Accounts Receivable account. How you create a bad debt recovery journal entry depends on your original bad debt journal entry. When a debt becomes bad, you write off bad debt in your accounting books. The accounts receivable aging method offers an advantage because it gives AR …
Bad Debt Overview, Example, Bad Debt Expense & Journal Entries Read More »
If the standard variable overhead rate is higher than the actual variable overhead rate, the result is favorable variable overhead spending variance. On the other hand, if the actual variable overhead rate is higher, the variance is unfavorable. This means that the actual variable overhead cost during the period is higher than the overhead cost …
Overhead Variances Formula, Calculation, Causes, Examples Read More »
If yours is inaccurate, you’ll inevitably have issues with your financial statements. In this instance, one asset account (cash) is increased by $200, while another asset account (accounts receivable) is reduced by $200. The net result is that both the increase and the decrease only affect one side of the accounting equation. Such an investigation …
Content Agricultural Payments to Nonresidents New W4 Form A note about exemptions What Income is Subject to Withholding? Special Considerations When Filing Form W-4 Credits & Deductions If you filled out a W4 for your job before the year 2020 then you do not need to fill out a new w4 form. Your employer can …
For example, rising raw material prices may cause pressure to change the mix of materials. Even if the yield is not affected by the change in the mix, the quality of the final product may change. This can have an adverse effect on sales if customers do not accept the change in quality. If the …