This method, which is often used in manufacturing, requires an estimate of the total units an asset will produce over its useful life. Depreciation expense is then calculated per year based on the number of units produced that year. This method also calculates depreciation expenses using the depreciable base (purchase price minus salvage value). The […]
Category Archives: Bookkeeping
Since the interest is charged on the principal, making extra payments on the principal lowers the amount that can accrue interest. Check your loan agreement to see if you will be charged early payoff penalty fees before attempting this. While amortized loans, balloon loans, and revolving debt—specifically credit cards—are similar, they have important distinctions that […]
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Companies and organizations run by the state are considered to be the public sector. In free-market, capitalist-based societies, the private sector tends to make up a considerably larger portion of the economy than the public sector. When your income taxes are automatically withheld from your paycheck, those taxes are collected by the Department of Revenue […]
Companies and organizations run by the state are considered to be the public sector. In free-market, capitalist-based societies, the private sector tends to make up a considerably larger portion of the economy than the public sector. When your income taxes are automatically withheld from your paycheck, those taxes are collected by the Department of Revenue […]
They can deduct the amount that represents the employer’s share (half) as a business expense. For 2023 and 2024, the total Social Security tax rate of 12.4% is split between employee and employer. The employee pays 6.2% and the employer pays the other 6.2%. According to the Internal Revenue Service (IRS), FICA taxes are made […]