Everyone who works must pay this tax, even if you are self-employed. However, those who make over a certain threshold per year do not have to pay it. For 2024, those who earn $168,200 do not have to pay FICA tax above the tax that would be owed above that amount. For the first […]
The direct materials variances measure how efficient the company is at using materials as well as how effective it is at using materials. There are two components to a direct materials variance, the direct materials price variance the super bowl and the direct materials quantity variance, which both compare the actual price or amount used to […]
The debit entries entered on the left side of the T account should always balance with the right side, or credit side of the account. If you want to learn more about what T accounts are and how they’re used to generate financial statements at the end of the financial year, we have a complete […]
If you aren’t overly familiar with financial statements, it can be hard to pinpoint which statement is useful for which purpose. If you find yourself wondering where your profits have gone off to, you need the statement of retained earnings. Yes, retained earnings can be distributed among shareholders in the form of dividends, but they […]
A burndown chart visually represents the work completed and the work remaining. Project teams can use this chart to see if they’re hitting their targets and plot their completion time estimates. The sprint backlog provides accountability and responsibility to ensure the team finishes each task. User stories provide the development team with a key understanding […]
Enter on line 3a gross income from rental activities other than those reported on Form 8825. Include on line 3a gain (loss) fromForm 4797, line 17, that is attributable to the sale, exchange, or involuntary conversion of an asset used in a rental activity other than a rental real estate activity. The sum of the […]
It helps keep the updated records, but with the advancement of technology and the availability of various software, the posting in balance has become the traditional concept. Some healthcare organizations are still resisting the adoption of automated payment posting. Believing direct human oversight of the posting process is more accurate, they ignore that the precision […]
It’s not just about crunching numbers; it’s about deciphering the intricate world of expenses that shape your organization’s operational landscape. Various methods exist, each with pros and cons, making choosing the most accurate approach challenging. It often aggregates various cost components into a single figure, ignoring nuances and intricacies within different cost categories.
Assign Activity Costs […]
This analysis shows that any money generated over $200,000 will be net profit. The break-even point (BEP) is the point at which the costs of running your business equals the amount of revenue generated by your business in a specified period of time. In other words, your company is neither making money nor losing it.
Business […]
You can see that a journal has columns labeled debit and credit. The debit is on the left side, and the credit is on the right. Some disadvantages are that the information may be biased, can be estimated to a degree, can be manipulated, and that the units used to recording in accounting measure business […]