Under DOL rules, a tip credit is determined by taking the federal hourly minimum wage rate ($7.25) minus the minimum cash wage for tipped employees ($2.13), which works out https://www.bookstime.com/ at $5.12 per hour. However, a tip credit cannot exceed the number of tips actually received by the employee. Employers should also be aware that the maximum tip credit differs…
This process is integral to achieving a clean and accurate set of financial statements. Opening Balance Equity is a critical component in the accounting process, serving as a bridge between past financial activities and new accounting records. It represents the residual equity from previous periods that is carried forward into a company’s current balance sheet. Role of Opening Balance Equity…
If your employee has a fluctuating workweek, how does overtime work? This is a scenario often seen in casual positions and part-time https://www.bookstime.com/ jobs. Calculate the weighted median of the 2 pay rates, by adding the total amount earned in the week, then dividing that number by the number of hours worked. In this example, you would add their $290…
If this combined amount does not reach the highest of all applicable federal, state or local minimum wages, then employers are responsible for making up the difference. In the workplace, you’re either considered an “exempt” or a “non-exempt” employee based on your specific job duties. Only non-exempt employees are eligible for overtime pay according to the FLSA. When you want…
The BLS expects the field to have a 5 percent decline in growth from 2021 to 2031. Still, you should see 197,600 job openings each year over the next decade 3. As a bookkeeper, you will verify and balance receipts, keep track of cash drawers, and check sales records. You need to be able to spot irregularities and discrepancies as…
Yes, many bookkeeping tasks can be done remotely, thanks to digital transactions and cloud-based software. In the world of finance, problems and issues will undoubtedly be knocking on your door every once in a while. Hence, you need to possess the calmness to first, spot those issues long before others, and then solve them. You will be receiving plenty of…
Upholding the highest ethical standards helps instil trust in clients and stakeholders. Moreover, a transparent approach fair value vs market value to financial transactions instils confidence and ensures the credibility of the Bookkeeper and the financial data they manage. Bookkeepers and accountants usually do similar types of work and have interchangeable skills. On the other hand, an accountant is more…
A bookkeeper provides a critical role in the data collection and data input of a business’ accounting cycle. When there is a proper system in place that avoids problems such as skimming fraud, the recorded financial data can provide valuable, actionable insight. A Bookkeeper is responsible for recording and maintaining a business’ financial transactions, such as purchases, expenses, sales revenue, invoices,…
The umbrella term “taxpayer identification number” (TIN) signifies all tracking numbers used by the IRS to organize tax filings by individuals and entities. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or what is business accounting other business and professional advice.…