For instance, nonresident aliens who are employees of foreign governments or international organizations are subject to FICA taxes. The Additional Medicare Tax rate is 0.9% and only applies to the employee’s share of the tax. The income thresholds for this tax are $200,000 for single filers, $250,000 for married filing jointly, and $125,000 for married…
Kategori: Bookkeeping
Why Is There a Cap on the FICA Tax?
Americans can take steps to shore up their retirement funds by contributing to a company 401(k) plan, Roth or traditional IRA and reviewing catch-up provisions, but Congress also needs to work on strengthening Social Security, experts said. Health care costs continue to rise faster than overall inflation. In the 12 months to September, medical care…
Strategic Chart of Accounts Design Deloitte US
A chart of accounts gives you great insight into your business’s revenue beyond just telling you how much money you earn. It shows peaks and valleys in your income, how much cash flow is at your disposal, and how long it should last you given your average monthly business expenses. The Chart of Accounts is…
Chart Of Accounts: Definition, Types And How it Works
Finance Strategists has an advertising relationship with some of the companies included on this website. We may earn a commission when you click on a link or make a purchase through the links on our site. The Chart of Accounts should be reviewed at least once a year to ensure it is up-to-date with any…
A General Ledger Example Understanding the GL in Accounting
In these circumstances it is common to split off sections of the main ledger into separate subledgers. The next line shows the headings used for each of the ledger accounting transaction entries. Sandra Habiger is a Chartered Professional Accountant with a Bachelor’s Degree in Business Administration from the University of Washington. Sandra’s areas of focus…
Accounting 101: What is General Ledger Accounting?
Accounts are usually listed in the general ledger with their account numbers and transaction information. Here is what an general ledger template looks like in debit and credit format. One way to avoid errors is to use a POS system like Lightspeed Retail, which connects with accounting software to automatically sync data. To learn more about what…