Accounting Tools

MAY 9, 2024

Examples are accounts payable, taxes payable, and wages payable. Examples are accounts receivable, inventory, and fixed assets. Liabilities. These are legally binding obligations payable to another entity or individual. This is the amount invested in a business by its owners, minus any dividend payouts, plus any accumulated retained earnings.

Financial Statements 73

Financial Statements Accounts Payable Accounts Payable Accounts Receivable 73

Counto

JANUARY 11, 2024

Increase in CPF Ordinary Wage Ceiling (a) The CPF Ordinary Wage (OW) ceiling, which determines the amount of wages subject to CPF contributions, is set to increase from $6,000 to $8,000 by 2026. c) For those earning monthly wages above $500 to $750, the employee contribution rates will continue to be phased in. (d)

Payroll 52

Payroll Budgeting Tax Accounting 52

Accounting Tools

SEPTEMBER 23, 2023

The exact amount withheld will vary, depending on the wages of the employee and the withholdings stated on the individual’s Form W-4. The amount withheld is based on the wages of the employee, the current social security tax rate, and the wage cap to which the tax is applied.

Payroll 75

Payroll Tax Accounting Accounting 75

Accounting Tools

JULY 13, 2023

Every time this happens, the official wage base for an employee starts from zero at the new employing entity. This is not an issue if the total annual compensation of an employee is less than the annual social security wage cap. The same problem also arises for federal unemployment (FUTA) taxes.

Payroll 75

Payroll Accruals Tax Accounting 75

Counto

MARCH 4, 2024

This adjustment reflects Singapore’s commitment to aligning wage standards with market trends and ensuring that foreign workers contribute significantly to the local economy. For professionals in the financial services sector, where wage norms are higher, the minimum qualifying salary will rise to S$6,200 per month.

Budgeting 98

Budgeting Financial Services Tax Accounting 98

Accounting Tools

DECEMBER 20, 2023

Collect Timecard Information Salaried employees require no change in wages paid for each payroll, but you must collect and summarize information about the hours worked by non-exempt employees. Summarize Wages Due Multiply the number of hours worked by the pay rate for each employee, also factoring in any overtime or shift differentials.

Payroll 75

Payroll Deposits Accounting Accounting 75

Accounting Tools

APRIL 17, 2024

This group of workers tends to earn a higher wage than manual laborers, and is more likely to be paid a salary than an hourly wage. However, the stress level can also be quite high, and there is downward pressure on white collar pay levels as more of these positions face competition from lower-wage countries.

Payroll 40

Payroll Accounting Accounting 40

Accounting Tools

NOVEMBER 1, 2023

For example, if a production worker is paid a piece-rate wage for each unit manufactured, this can be considered a direct labor cost. Related Articles Factory Burden Factory Overhead Indirect Factory Costs If so, the "factory cost" term is essentially the same as factory overhead.

Cost Accounting 75

Cost Accounting Accounting Accounting 75

Counto

JANUARY 14, 2024

The contribution amounts depend on various factors, including the employee’s wages, age, and citizenship. Employee’s Share : Employees are required to contribute a portion of their wages to their CPF accounts. Employers are responsible for deducting this amount from the employee’s wages and remitting it to CPF.

Payroll 52

Payroll Bookkeeping Tax Accounting 52

Xero

MAY 17, 2022

We havet a support article available in Xero Central that provides some useful information about reviewing your payroll transactions at the end of the financial year. For more information, read our helpful article on how to adjust the lump sum value for unused leave. The total should then match the Payment Summary Details Report. .

Payroll 222

Payroll General Ledger XERO Reconciling 222

Accounting Tools

OCTOBER 26, 2023

The deductions that can be taken from gross pay to arrive at net salary include (but are not limited to) the following: Federal income tax State and local income taxes Social Security tax Medicare tax Health insurance deductions Flexible spending account deductions Pension deductions Repayment of company loans or advances Charitable donation deductions (..)

Payroll 75

Payroll Tax Accounting Accounting 75

Accounting Tools

OCTOBER 15, 2023

Related Courses Bookkeeping Guidebook The Balance Sheet Payroll Management What are Wages Payable? Wages payable refers to the liability incurred by an organization for wages earned by but not yet paid to employees. Related Articles Salaries Payable It may also be aggregated into the Other Current Liabilities line item.

Financial Statements 40

Financial Statements Payroll Accounting Software Bookkeeping 40

Accounting Tools

SEPTEMBER 22, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management What is a Wage Accrual? It is quite common to have some amount of unpaid wages at the end of an accounting period , so you should accrue this expense (if it is material).

Accruals 40

Accruals Payroll Auditing Tax 40

Accounting Tools

JULY 23, 2023

Related Courses Human Resources Guidebook Optimal Accounting for Payroll Payroll Management What is Accrued Wages? Accrued wages refers to the amount of liability remaining at the end of a reporting period for wages that have been earned by hourly employees but not yet paid to them.

Accruals 40

Accruals Payroll Tax Accounting 40

Accounting Tools

JUNE 16, 2023

Related Courses Essentials of Employment Law Human Resources Guidebook Payroll Management What is a Wage? A wage is the remuneration paid to an employee, usually on an hourly, daily, or piece rate basis. Wages are more likely to be paid for unskilled or manual labor.

Accruals 40

Accruals Payroll Accounting Accounting 40

Accounting Tools

JULY 25, 2023

The base pay rate is the standard hourly wage paid to an employee. Related Articles Graduated Wage How to Account for Unpaid Wages How to Calculate Payroll Net Salary Piece Rate Pay Calculation Wage Accrual Related Courses Human Resources Guidebook Payroll Management What is the Base Pay Rate?

Accruals 40

Accruals Payroll Accounting Accounting 40

Accounting Tools

JULY 14, 2023

Related Courses Human Resources Guidebook Optimal Accounting for Payroll Payroll Management What is a Graduated Wage? A graduated wage system involves the setting of compensation levels so that an employee receives higher pay levels based on his or her experience, job grade, seniority, performance level, and so forth.

Payroll 40

Payroll Accounting Accounting 40

Accounting Tools

OCTOBER 6, 2023

Includes all accrued liabilities, such as for wages and taxes. Salaries and wages. Includes the cost of all salaries and wages not already included in the cost of goods sold. Related Articles 3-Digit Chart of Accounts 5-Digit Chart of Accounts 7-Digit Chart of Accounts How to Improve Your Chart of Accounts Notes payable.

Accounting 75

Accounting Accounting Bookkeeping CPA 75

Accounting Tools

JANUARY 30, 2024

Related AccountingTools Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management Types of Employer Payroll Taxes The types of payroll taxes that can be considered employer payroll taxes include the following: Social Security A social security tax is applied to employee wages, which the employer matches.

Payroll 40

Payroll Tax Collections Auditing 40

Accounting Tools

JANUARY 26, 2024

Related AccountingTools Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook Examples of the Matching Principle Several examples of the matching principle are noted below, for commissions, depreciation, bonus payments, wages, and the cost of goods sold. The commission of $5,000 is paid in February.

Accruals 75

Accruals Bookkeeping Financial Statements Invoicing 75

Counto

MARCH 27, 2024

Key aspects include adhering to laws governing minimum wage, working hours, overtime pay, and leave entitlements outlined in the Employment Act. Withholding Taxes: Deduct and withhold income taxes, CPF contributions, and other statutory deductions from employees’ wages as per prevailing tax rates and regulations.

Payroll 52

Payroll Reconciling Tax Auditing 52

Accounting Tools

OCTOBER 25, 2023

Related Articles Advanced Timekeeping Systems Payroll Accounting Payroll Entries Issue Payments Once the analysis of reports indicate no further errors, process payments to employees. Investigate all transaction errors encountered, and initiate changes to mitigate their continued occurrence.

Payroll 71

Payroll Data Entry Deposits Tax 71

Accounting Tools

SEPTEMBER 10, 2023

Garnishments frequently involve court orders to employers to retain the wages of their employees to pay for child support, unpaid taxes, and unpaid debts. Employers are then required to remit these retained wages to the applicable court or creditor. Related Articles Payroll Deduction

Payroll 40

Payroll Auditing Tax Accounting 40

Accounting Tools

JULY 18, 2023

Related Courses Human Resources Guidebook Payroll Management What is an Incentive Wage Plan? An incentive wage plan offers an increased level of compensation when employee performance exceeds a threshold level. The best incentive wage plans are designed to benefit both the employer and the employee in equal measure.

Payroll 40

Payroll 40

Accounting Tools

APRIL 7, 2024

Related Articles Accounting for Manufacturing Businesses Indirect Manufacturing Costs Manufacturing Cost Accounting Manufacturing Overhead Rate Non-Manufacturing Overhead Costs Total Manufacturing Cost Whatever allocation method used should be employed on a consistent basis from period to period.

Cost Accounting 75

Cost Accounting Financial Statements Financial Reporting Auditing 75

Accounting Tools

AUGUST 25, 2023

Related Courses Human Resources Guidebook Payroll Management A fringe benefit rate is the proportion of benefits paid to the wages paid to an employee. The rate is calculated by adding together the annual cost of all benefits and payroll taxes paid, and dividing by the annual wages paid. Related Articles Salary and Fringes

Payroll 40

Payroll Tax Cost Accounting Accounting 40

Accounting Tools

OCTOBER 4, 2023

Payroll expense is the amount of salaries and wages paid to employees in exchange for services rendered by them to a business. In a cash basis company, payroll expense is the cash paid during an accounting period for salaries and wages.

Payroll 40

Payroll Accruals Auditing Tax 40

Accounting Tools

OCTOBER 9, 2023

Step 3: Accrue Unpaid Wages Accrue an expense for any wages earned but not yet paid as of the end of the reporting period. Step 2: Verify Issuance of Customer Invoices Compare the shipping log to accounts receivable to ensure that all customer invoices have been issued. Issue any invoices that have not yet been prepared.

Financial Statements 75

Financial Statements General Ledger Bank Reconciliation Invoicing 75

Accounting Tools

JULY 12, 2023

Gross salary is the aggregate amount of fixed wages earned by a person over a specific period of time. Management and some administrative employees are typically paid salaries, while hourly personnel are paid wages. Related Articles Gross Earnings How to Account for Unpaid Wages How to Calculate Payroll Payroll Entries

Payroll 40

Payroll Tax Accounting Accounting 40

Counto

JANUARY 11, 2024

Integration Complications: Seamless integration with accounting and non-wage systems is crucial. Non-Wage Integrations: Your new payroll provider should accurately handle non-wage information such as employee retirement plans. Multiple disjointed systems can lead to hidden costs.

Payroll 52

Payroll Budgeting Reconciling Tax 52

Accounting Tools

JULY 30, 2023

Where there are minimum wage laws in effect, the minimum wage must still be paid to employees, irrespective of the number of units produced. Related Articles Piece Rate Pay Calculation

Payroll 40

Payroll Accounting Accounting 40

Accounting Tools

APRIL 29, 2024

Wages and social security contributions. Related AccountingTools Courses Human Resources Guidebook Payroll Management Related Articles Fringe Benefit Rate Post Retirement Benefits Salary and Fringes Termination Benefits Nonmonetary benefits. Medical care, housing, cars, and various subsidies for other goods or services.

Payroll 40

Payroll 40

Accounting Tools

JULY 10, 2023

Therefore, his gross pay is calculated as: Base wages = 40 hours x $15 = $600 Shift differential = 40 hours x $1 = 40 Overtime = 10 hours x $24 = $240 Gross pay = $880 If (for example) 20% were then deducted from the $880 of gross pay for income taxes, as well as $100 for medical insurance, the net pay would be $604.

Payroll 40

Payroll Auditing Tax Accounting 40

Accounting Tools

SEPTEMBER 24, 2023

How to Account for Accrued Vacation Pay The accrued vacation pay entry is a debit to the compensation (or salaries) expense account, and a credit to the accrued wages (or salaries) account. The accrued wages account is a liability account, and so appears in the balance sheet.

Payroll 40

Payroll Accounting Accounting 40

Accounting Tools

MARCH 3, 2024

Examples of liability accounts are trade payables, accrued expenses payable, and wages payable. Related AccountingTools Courses Bookkeeper Education Bundle Bookkeeping Guidebook How to Audit Liabilities Related Articles The Difference Between Assets and Liabilities The Difference Between Recourse and Non Recourse Debt What is Debt?

Bookkeeping 75

Bookkeeping Auditing Accounting Accounting 75

Counto

FEBRUARY 23, 2024

Payroll Outsourcing vs Payroll Software in Singapore: Making the Right Choice for Your Business What is Payroll Software Payroll software streamlines and automates tasks like wage calculation, tax handling, and government submissions. What is Payroll Outsourced? Let our pro team handle your payroll from start to finish.

Payroll 52

Payroll Tax 52

Accounting Tools

JULY 13, 2023

on a wage base of $160,200. Tax rate x $160,200 Wage cap = $9,932.40 The insurance was to be funded by compulsory deductions from the pay of wage earners. This fund was supported by additional withholdings from employee wages, and was designed to assist the states with their unemployment insurance plans.

Tax 40

Tax Payroll Auditing Accounting 40