2023-2024 Tax Brackets and Federal Income Tax Rates

Mr. Biden also calls for increasing what’s known as the corporate minimum tax to 21 percent from 15 percent. White House economists estimate increasing the tax could yield $137 billion in new tax revenue over a decade. In addition, federal income tax may be imposed on non-resident non-citizens as well as foreign corporations on U.S. […]

How to Master the Art of Nonprofit Financial Statements

In the example below, ExxonMobil has over $2 billion of net unrecognized income. Instead of reporting just $23.5 billion of net income, ExxonMobil reports nearly $26 billion of total income when considering other comprehensive income. Below is a portion of ExxonMobil Corporation’s income statement for fiscal year 2021, reported as of Dec. 31, 2021. Primary expenses […]

What is the direct write-off method?

If you’re wondering which method is best for your small business, speak with a professional for insights into your specific situation. Beginning bookkeepers in particular will appreciate the ease of the direct write-off method, since it only requires a single journal entry. If an old debt is paid, the journal entry can simply be reversed […]

What is a salary? Difference between salary and wage

The calculator contains options to select from a number of periods normally used to express salary amounts, but actual pay frequencies as mandated by varying countries, states, industries, and companies can differ. In the U.S., there is no federal law that mandates pay frequency, except one stating that employees must be paid in routine and […]

Cash Flow Statement Explanation

However, these items also appear under cash flows from operating activities. The latte treatment occurs first since this section also comes first. Companies adjust interest expenses under operating activities as follows. Now that we have a basic understanding of the cash flow statement, let’s delve deeper into the significance of interest expense and how it […]

Cash Flow Statement Explanation

However, these items also appear under cash flows from operating activities. The latte treatment occurs first since this section also comes first. Companies adjust interest expenses under operating activities as follows. Now that we have a basic understanding of the cash flow statement, let’s delve deeper into the significance of interest expense and how it […]