What Is Payroll Tax?
Payroll tax includes the taxes employees and employers pay on wages, tips, and salaries. Taxes are taken out of workers’ salaries and sent to the government. Payroll taxes include FICA (Social Security and Medicare) and income taxes at both the federal and state levels. Employers are responsible for contributing to Social Security and Medicare and […]
A Business Tax ID Number: How To Get
There is usually a lot of administrative work to do in the early days of running a small business. It’s tempting to ignore it and dive headfirst into expanding your new business, but this might lead to serious problems later. If you’ve just launched a new small business, one of the most important first steps […]
The Federal Insurance Contributions Act (FICA)
What Is the Federal Insurance Contributions Act (FICA)? The Federal Insurance Contributions Act (FICA) of 1935 imposed a payroll tax on U.S. wage earners’ paychecks and required employers to make equivalent amounts. The proceeds from this tax are used to fund the nation’s Social Security and Medicare programs. The goal behind the act from the […]
Cash vs Accrual Accounting. Which Method Is Right For Your Business?
When it comes to accounting methods, the choice between cash vs accrual accounting is a pivotal decision for businesses of all sizes. This decision can significantly influence financial reporting, tax obligations, and overall business planning. Understanding the key differences of each method will empower you to select the one that best aligns with your company’s […]
What Is a Bank Reconciliation Statement, and How Is It Done?
Bank reconciliation is a fundamental duty that accountants and bookkeepers need to execute to ensure the company’s cash book aligns with its bank statement. This process not only verifies the accuracy of financial records but also helps in detecting errors, fraud, and discrepancies. Let’s delve deeper into the bank reconciliation statement process, terminology, and its […]
How to Determine Whether a Business Name Is Available
You’ve come up with a fantastic business name —one that will appeal to potential clients and encapsulate the brand identity you want to establish. This is an important first step, and you’ll want to choose wisely to avoid having to go through a costly rebranding later on. However, ensuring that the perfect name is available […]
How To Name Your New Small Business
Shakespeare once stated, “A rose by any other name would not sell as well.” Finding the perfect name for your company—one that will appeal to clients and speak to the brand identity you want to establish—is one of the most important tasks in beginning a small business. Choose well, and you’ll gain clients and influence […]
How to Conduct Market Research for a New Small Business
When launching a new small business, you must pay close attention to several details. However, completing market research is an important step that no entrepreneur should overlook. In fact, it should be one of the first things you do when starting a new business—ideally, long before your company opens its doors or starts its website. […]
What Is The Difference Between Bookkeeping And Accounting?
In the world of finance and business management, the terms “bookkeeping” and “accounting” are often used interchangeably. However, they represent distinct facets of financial management, each with its unique set of responsibilities, skills, and objectives. Understanding the difference between bookkeeping and accounting is crucial for businesses to ensure effective financial management. Key takeaways: Bookkeeping focuses […]
How To Find Investors For Small Business?
They are strategic partners and invaluable assets with ageless wisdom and expertise. They also enjoy assisting small businesses in growing and succeeding. Many entrepreneurs lack the financing necessary to expand their enterprises. They know what it takes, but they lack the resources to make their vision a reality. And this is where these individuals come […]