2020 Payroll Taxes Will Hit Higher Incomes

Exceptions to interest-free corrections of employment taxes. If a prior year error was a nonadministrative error, you may correct only the wages and tips subject to Additional Medicare Tax withholding. Report the correction of underreported and overreported amounts...

DEBTOR Definition & Usage Examples

They generally last decades and cost hundreds of thousands of dollars. In 2020, the average American carried a mortgage balance of $190,595, according to NerdWallet’s debt study. A mortgage is a secured loan, meaning the bank can take your house your complete guide to...

Accounts Receivable and Bad Debts Expense Explanation

The accounts payable balance is the total amount of unpaid bills owed to third parties. On the other hand, the receivable account represents amounts your business is owed. To calculate total income, subtract operating expenses from gross profit. This number is...

How to Fill Out an Accounts Receivable Aging Schedule

The credit department may review the invoices that have been paid by using the aging report. The company’s auditors may use the report to select invoices for issue confirmations as part of their year-ending audit activities. The company’s management should generate...