Long-term disability are pretax deductions that can help financially cover an instance in which an employee is injured or too sick to work for a long period. Yes, employees may wish to claim several exemptions from withholding, commonly called withholding allowances. Withholding allowances decrease the total amount an employee pays in taxes with each paycheck. […]

A debtor/Accounts receivable is a person who owes to money to the business as he has received some benefit from the business. A Creditor/Accounts Payable is a person to whome the business owes money as he has given some benefit to the business. Much of the work produced vital infrastructure like roads and rail lines. […]

You should consider all evidence of the degree of control and independence in this relationship. The facts that provide this evidence fall into three categories – Behavioral Control, Financial Control, and Relationship of the Parties. Accurate classification of workers as either independent contractors or employees is imperative in order to maintain compliance with labor laws […]

The above case presents preparing a bank reconciliation statement starting with positive bank balances. After adjusting all the above items, what you get is the adjusted balance as per the cash book. That means your account could quickly become overdrawn, with penalties and fees adding up in a matter of days. This is probably the […]