Jul 13 2021
Closing Entry Definition, Explanation, and Examples
These entries help reset certain temporary accounts, such as revenue and expense accounts, to zero so that they start with a clean balance for the new accounting period. In the short way, we can clear all temporary accounts to retained earnings with a single closing entry. By debiting the revenue account and crediting the dividend […]
Ago 30 2021
Payroll Taxes and The Employer Employee Responsibility
Content “Mismatch” between employer’s withholding obligation and employee’s tax liability Small-Business Grants: Where to Find Free Funding Unemployment Taxes Payroll tax compliance Preparing for employer payroll taxes when hiring employees Get Your Tax Records But, most employers receive a FUTA tax credit that lowers their FUTA tax rate to 0.6% on the first $7,000 employees […]
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