An outstanding deposit refers to a company's receipts (cash, checks from customers, etc.) which have been recorded by the company, but the amount will appear on its bank statement at a later date. An outstanding deposit is also known as a deposit… Read More.
The employee's Social Security tax rate for 2016 is 6.2% of the first $118,500 of wages, salaries, etc. An employee's 2016 earnings that are in excess of $118,500 are not subject to the Social Security tax. (The percentage and earnings limit are… Read More.
The maximum amount of an employee's 2016 earnings (and a self-employed person's net income) that is subject to the Social Security tax is $118,500. This amount is also known as the Social Security annual limit, wage base, contribution and benefit base, ceiling,… Read More.
Zero-based budgeting, or ZBB, is a rigorous budgeting process that requires every dollar of every expense to be justified even if the expense has been occurring for many years. For example, if a company has been spending $100,000 each year for the… Read More.
The employer's Social Security tax rate for 2016 is 6.2% of each employee's first $118,500 of wages, salaries, etc. If an employee's wages, salaries, etc. are greater than $118,500, the amount that is in excess of $118,500 is not subject to the… Read More.
The self-employed person's FICA tax rate for 2016 is 15.3% on the first $118,500 of net income and then 2.9% on the net income that is in excess of $118,500. (The percentages and the earnings limit are unchanged from 2015.) The self-employed… Read More.
A stockholder (also known as a shareholder) is the owner of one or more shares of a corporation's capital stock. A stockholder is considered to be separate from the corporation and as a result will have limited liability as far the corporation's… Read More.
In accounting and bookkeeping, a capital account is one of the general ledger accounts used to record 1) the amounts that were paid in to the company by an investor, and 2) the cumulative amount of the company's earnings minus the cumulative… Read More.
In the U.S., inflation accounting has resulted in optional supplementary disclosures on the effects of 1) general inflation, and 2) changes in the prices of specific types of assets. In other words, the main financial statements continue to report only the traditional,… Read More.