Category: Bookkeeping

They have more flexibility but less stability in their compensation. Legislation enacted in 2016 (SB 235) increased the SUI taxable wage base to $9,500 for calendar years 2018 and 2019. The taxable wage base reverted to $9,000 effective January 1, 2020, and will remain at that amount unless changed by future legislation. These extras can…

The employee’s gross wages are generally equal to the taxable wage base. An employer typically handles this calculation and withholds the correct amount of taxes from each of the employee’s paychecks. Meanwhile, the employee is still responsible for reporting the tax on their tax return each year. The taxable wage base is also known as…

Incidental expenses like storage, administration, and market fluctuations are also included in these expenditures. In order to prevent corporations from overstating these costs, generally accepted accounting standards (GAAP) adopt standardized accounting guidelines. Out of all the expenses mentioned, manufacturing overheads can be the most difficult to calculate. Overheads are all the indirect costs incurred in…

This can be a disadvantage when the value of the investment increases but doesn’t affect the income side of the balance sheet. There is far less paperwork involved with the live full service cost method when compared to other accounting methods. In the most recent reporting period, Robert PLC recognizes $200,000 of net income and…