For the year 2023, there have been updates to the income subjected to the Social Security tax. Previously, in 2022, only the first $147,000 of an individual’s earnings were subject to this tax. This change impacts both employees and employers as both are required to contribute 6.2% of wages up to the newly established limit. …
What Is the Federal Insurance Contributions Act FICA? Leer más »
Management accountants often employ cost accounting to help companies save on expenses and increase profits. You might think it’s all about crunching numbers, but there’s more to the story. Accountants are financial storytellers, translating complex data into clear insights that drive business decisions. Whether you’re running a business or just curious, understanding what accountants do …
What Does an Accountant Do? Roles, Skills, Qualifications Leer más »
If you don’t respond, the IRS will send you a Notice of Deficiency and charge you a penalty in addition to any additional taxes or interest you owe as outlined in CP2000. However, if you ignore this notice and do not respond within 30 days from the date of the letter, the IRS will issue …
The business then owes the bank for the mortgage and contracted interest. In a sense, a liability is a creditor’s claim on a company’ assets. In other words, the creditor has the right to confiscate assets from a company if the company doesn’t pay it debts. Most state laws also allow creditors the ability to …
Full Coverage Car Insurance: What It Is & Do You Need It? Leer más »
