If commission is already received or paid then it is income statement item, but if it is still receivable or payable then it is balance sheet item, simple commission is a income statement item
100
Commission is treated as regular income and is taxable. You may, possibly, have business expenses that can be counted against the income--follow the IRS guidelines.
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All gross worldwide income is reported on your 1040 income tax return and subject to income tax at your marginal tax rate. Does the issuer of the commission checks withhold any amount from the gross commission before the NET commission take home paycheck is issued to you. Are is the commission check made out for the gross amount of the commission and how will this commission amount be reported to you and the IRS at the end of the year. Will the amount be included on your W-2 form in the box 1 Gross wages, salaries, tips, etc. Or will you and the IRS be receiving a 1099-MISC for the gross commission amount.
François Vatable died in 1547.
debit commission receivablecredit commission income
If commission is already received or paid then it is income statement item, but if it is still receivable or payable then it is balance sheet item, simple commission is a income statement item
debit cash / bankcredit commission income
100
no
Yes.
No, only the disounted amount is Vatable, the cash discount is not a vatable supply, therefore no VAT is payable on it.
It is a source of income/revenue.
Post to Commissions Earned, an income account and Commissions Receivable, a current asset account.
Commission is treated as regular income and is taxable. You may, possibly, have business expenses that can be counted against the income--follow the IRS guidelines.
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