On the other hand, company XYZ, a competitor of ABC in the same sector, had a total revenue of $8 billion at the end of the same fiscal year. Its total assets were $1 billion at the beginning of the year and $2 billion at the end. The average net fixed asset figure is calculated […]
Storage may be static random access memory (SRAM), flip-flops, latches or any other suitable form of storage. For FIFOs of non-trivial size, a dual-port SRAM is usually used, where one port is dedicated to writing and the other to reading. LIFO systems are easy to manipulate to make it look like your business is doing […]
The most basic type of depreciation is the straight line depreciation method. So, if an asset cost $1,000, you might write off $100 every year for 10 years. With the double declining balance method, you depreciate less and less of an asset’s value over time. That means you get the biggest tax write-offs in the […]
If Form W-4S has been submitted, the third party should withhold federal income tax on all payments of sick pay made 8 or more days after receiving the form. The third party may, at its option, withhold federal income tax before 8 days have passed. If you pay sick pay to your employee, you must […]
Withholdings in excess of tax so determined are refunded. The amount of tax withheld is based on the amount of payment subject to tax. Withholding of tax on wages includes income tax, social security and medicare, and a few taxes in some states. Certain minimum amounts of wage income are not subject to income tax […]
Amounts subject to withholding and taxes withheld are reported to payees and the government annually. Employees who have traditional retirement accounts rather than Roth accounts do not pay income tax on their contributions. That is, they are paying in “pre-tax” dollars and will owe income taxes on that money only when they …