Gross pay vs net pay: How to calculate the difference
Net pay is the amount of money an employee receives after all taxes and deductions. This is their ‘take-home’ pay, or the amount that will be deposited in their bank…
What’s the Difference Between Gross Pay and Net Pay?
Gross pay is also usually referenced on federal and state income tax brackets. Gross pay – also known as gross wages or gross income – reflects an employee’s overall salary…
S-Corp Taxes: An Introductory Guide
S corporations are required to furnish shareholder details on Form 1120-S. This encompasses the names, addresses, and Social Security numbers of all shareholders, as well as the activity-based costing in…
Understanding Contra Accounts: Definition, Examples, and Importance
These contra revenue accounts tend to have a debit balance and are used to calculate net sales. This means that entries recorded on the left side of the T-account will…
Quick Guide to Master Contra Accounts: Definition, Types & Examples Simplified
The contra asset account Accumulated Depreciation is deducted from the related Capital Assets to present the net balance on the parent account in a company’s balance sheet. Initially, the Sales…
5 Best Trucking Bookkeeping Services
It serves as a digital hub and tax center from which you can manage all of your paperwork and filing responsibilities. One of the primary problems with managing your small…