For example, if you are paid double time and your regular hourly rate is $12.55/hour, the double-time rate would what is the overtime pay rate for 18 dollars an hour be $25.10/hour. If you are paid on an hourly or daily basis, the annual salary calculation does not…
Of course, if you freelance, you don’t need to worry about running payroll either now or in the future. But for small-business owners who want to eventually expand their businesses and hire an employee or two (or more), just know that Wave doesn't make it easy to add…
TurboTax offers year-round access to tax professionals capable of helping you answer simple and difficult tax questions alike. Being proactive and consulting with a CPA online can provide you with valuable advice — saving you time, stress, and money. Most people only think of hiring a CPA when…
As an investor, the issuance of new shares makes the shares you currently hold less valuable because, in virtually all cases, the stock price goes down. Net losses – When our salary decreases or even sometimes if it just stays the same, we may see our disposable income…
As you can see, the net profit has increased from $1.50 to $6.50 when the packets sold increased from 1000 to 2000. However, the contribution margin for selling 2000 packets of whole wheat bread would be as follows. Remember, that the contribution margin remains unchanged on a per-unit…
You’ll also want to have your financial records on hand in the event that you are audited by the IRS. To delve deeper into our best small business accounting software, we tested and used each platform to evaluate how the features perform against our metrics. This hands-on approach…
It offers a comprehensive suite of tools that includes accounting, billing, and attendance tracking. We recommend accrual basis accounting because it provides a more accurate representation of financial performance. You need this to make informed decisions, manage cash flow effectively, and comply with tax regulations. Consider hiring a…
The adjusting entry for an accrued expense updates the Wages Expense and Wages Payable balances so they are accurate at the end of the month. For accrued expenses, the journal entry would involve a debit to the expense account and a credit to the accounts payable account. This…
Finding out your owner’s equity can be helpful in determining your financial position—you’ll be able to compare the owner's equity from one period to another to figure out whether you are losing or gaining value. Owner’s equity is typically recorded at the end of the business’s accounting period.…