The employer's Social Security tax rate for 2017 is 6.2% which is multiplied times each employee's taxable compensation (wages, salaries, bonuses, commissions, etc.) However, if an employee is paid more than $127,200 during 2017, the amount that is greater than $127,200 is… Read More.
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.
Here are eight suggestions on how to study accounting: Stay current. Don't skip class, don't skip an assignment. Not only are accounting concepts related, they build on earlier concepts. Postponing and cramming is the wrong way to study accounting. Do not delay… 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.