However, a handful of the tax deductions don’t necessarily require receipts. The Standard Deduction is one of them. It’s a set amount that’s mostly based on your filing status. The home office deduction is a
They are great primary sources of capital for smaller businesses or a business that is looking to grow. A company or government can issue bonds. Similar to a bank loan, a bond will give you a fixed rate of return. This is known as the coupon rate. It is used in exchange for the ...
Capital flows refer to the movement of money for the purpose of investment, trade, or business operations. Inside of a firm, these include the flow of funds in the form of investment capital, capital spending on operations, andresearch and development(R&D). On a larger scale, a government d...
Austerity only takes place when this gap—between government receipts and government expenditures—shrinks. This situation occurs when governments spend too much or when they take on too much debt. As such, a government may need to consider austerity measures when it owes more money to its credito...
(optional) Chapter 12 Government sources of income Government budget balance Average vs marginal tax rates Tax systems – efficiency vs equity Sources of tax receipts and government spending Arguments for and against progressive taxation Tax incidence Social ...
Taxes incurredare an example of a commonly accrued expense. They are taxes that a company has not yet paid to a government entity but has incurred from the income earned. Companies retain these taxes as accrued expenses until they pay for them. The journal entry for a tax expense appears be...
The inflow of foreign currency is much less. It is considered a negative balance of trade. The balance of payments (BOP) considers international receipts, international payments, and cross-border trade activities. International investments flow-through current accounts, capital accounts, and financial ...
The cyclical deficit is caused by the ups and downs of the business cycle. You see when the business cycle is in an expansion phase and the economy is doing well, two things happen: The government receipts increase because more people are working and paying taxes. An expanding economy also...
For instance, the government expects you to publish your financial results and pay taxes accordingly to the profit. The accounting cycle accomplishes exactly that. What are the 9 Steps in the Accounting Cycle? The steps of the accounting cycle vary between six to nine, depending on who you as...
The overtime pay formula is the employee’s regular pay rate times 1.5 times the number of overtime hours. For example, for an employee with a regular pay rate of $25 an hour, their overtime pay rate is $37.50 an hour ($25 x 1.5). ...