The annual salary depends on several factors, such as the employee’s job title, years of experience, and education level. This formula seems easy to calculate; however, determining what to include while calculating the employee’s fringe benefit rate is tricky. Read on to learn about calculating fringe benefits and what to include in the calculation. This…
If you don’t have an educational assistance plan, or you provide an employee with assistance exceeding $5,250, you must include the value of these benefits as wages, unless the benefits are working condition benefits. Property or a service provided is a working condition benefit to the extent that if the employee paid for it, the…
Assets, liabilities and most equity accounts are permanent accounts. Ending your fiscal year with a net loss can be tough to deal with. The accounting, though, isn’t any more complicated than ending on a net gain. The process of creating and then closing an Income Summary account is the same whether you end the year…
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We know bookkeeping is every entrepreneur’s least favorite tasks. M.Y.O.B. offers a variety of Outsourced Bookkeeping & Accounting solutions for all of your needs including Payroll Services, Tax Filing, and Financial Reporting. Beyond data entry, we learn about your business, goals, and challenges and work with you to develop solutions to help it grow. We closely monitor KPIs to help…