Chuyên mục: Bookkeeping

When filing federal income tax, taxpayers need to choose to either take the standard deduction or itemize deductions. This decision will be different for everyone, but most Americans choose the standard deduction. Sales tax can be deducted from federal income tax only if deductions are itemized. In general, https://www.quick-bookkeeping.net/cash-flow-from-assets-calculator/ taxpayers with sales tax as their…

Therefore, it should be charged to expense over the life of the note rather than at the time of obtaining the loan. Notes payable always indicates a formal agreement between your company and a financial institution or other lender. The promissory note, which outlines the formal agreement, always states the amount of the loan, the…

Therefore, it should be charged to expense over the life of the note rather than at the time of obtaining the loan. Notes payable always indicates a formal agreement between your company and a financial institution or other lender. The promissory note, which outlines the formal agreement, always states the amount of the loan, the…

You must adhere to minimum-wage, overtime pay and health benefits laws. You must also withhold employment and income taxes and pay the company’s portion. In exchange, you have more control over their day-to-day job roles and performance. As previously mentioned, W-2 employees have stable and predictable income. They can set their hours and choose their…

To calculate goodwill, the fair value of the assets and liabilities of the acquired business is added to the fair value of business’ assets and liabilities. The excess of price over the fair value of net identifiable assets is called goodwill. While goodwill officially has an indefinite life, impairment tests can be run to determine…

For instance, a company’s brand value can be regarded as the goodwill of the company when it is bought. Companies assess whether an impairment exists by performing an impairment test on an intangible asset. Using the first method of measuring NCI, the amount of the goodwill is $26 million ($150m + $16m – $140m). As…

Before you hire a tax professional, visit their business profile to see how they handle payments. Many CPAs and tax experts accept digital payments through Venmo, PayPal, Square Cash, Zelle and other online platforms. More businesses may be changing their payment methods to accommodate social distancing. From local sales taxes, such as the 1% earnings…

Outstanding checks are a liability for the payee, but once deposited, they are reconciled against the recipient’s account. If a payee receives a check and does not present it for payment at once, there is a risk that the payer will close the bank account on which the check was drawn. The payee’s bank will…

Since the net income value by itself does not offer much insight into Apple’s profitability, we’ll calculate the net profit margin by dividing net income by revenue. The taxes owed to the government are based on the corporate tax rate and jurisdiction of the company, among other factors (e.g. net operating losses or “NOLs”). Business…