Tag: employee

Individual Retirement Account (IRA)

See Also: Pension Plans 401k Keogh Plan Payroll Accounting Deferred Income Tax Individual Retirement Account (IRA) Definition An individual retirement account or IRA is a personal account that an employee of a company can set up. The contributions to the account are tax deferrable until the funds are withdrawn after age 59 1/2. There are

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Indirect Labor

See Also: Indirect Materials Accounts Payable Audit Committee Managed Sales And Use Tax Audit Programs Carried Interests Indirect Labor Definition In accounting, indirect labor is a category of indirect cost. It refers to labor costs incurred during a service or production process, but are not directly traceable to a cost object. Consider them overhead costs and treat

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Federal Unemployment Tax Act (FUTA)

See Also: Payroll Accounting Social Security Rate Direct Labor PEO Arrangement Compared to Outsourcing Payroll Direct Labor Federal Unemployment Tax Act (FUTA) Definition The Federal Unemployment Tax Act (FUTA), defined as a tax that an employer alone must pay. Although the employer pays this tax, it is based solely on the amount of work and

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Employee Health Insurance Plans

See Also: Cafeteria Plan Insulate Your Company from Rising Health Insurance Costs How to Hire New Employees How to Run an Effective Meeting Professional Employer Organization (PEO) Employee Health Insurance Plans Your health insurance renewal is coming up….. What do I do? Should I be looking at something in particular? What options should I consider?

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COGS and the Balance Sheets – Services Based Business

COGS and the Balance Sheets for a Service Based Business If you are running a business with inventory, it’s easy to understand the G in COGS (Cost of Goods Sold). But if your Goods are employee time, how do you note your goods in the P&Ls? How do you list the time on your balance

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Auditor

Auditor In accounting, an auditor is a certified public accountant (CPA) who performs an objective examination of a company’s financial statements and internal controls. They evaluate the validity and reliability of the data and confirms whether the financial statements were prepared in accordance with the rules of GAAP. Furthermore, there are two types: an internal auditor

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Taxes Drive Behavior!

Taxes Drive Behavior Example Taxes drive behavior in business! In 1839, a new design of sailing ship, the Scottish Maid, was launched in Aberdeen, Scotland. The Scottish Maid was the first British clipper ship designed to take advantage of the tonnage regulations imposed by Britain in 1836. The new regulations measured the depth and breadth

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