0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What does groos pay and net pay mean?
Gross pay total amount of earnings for the time period. Less all of the necessary withholding that will have to withheld from the gross amount then you paycheck will be issued to you for your net pay. Net paycheck take home pay.
What makes retained earnings go down?
Retained earnings can go down if there is a negative supply of net income, or if more dividends are paid then net income. For example, retained earnings can go down if a company uses leftover cash to pay shareholders for previous years cash holdings.
How much taxes do i have to pay if im self employed?
In 2009, you will pay the regular state and federal tax rates on all of your income, including your self-employment income. In addition, you will pay a Social Security tax of 12.4% on the first $106,800 of your net self-employment earnings (reduced by other earnings subject to SS) and a Medicare tax of 2.9% of your net self-employment earnings with no limit. You should also investigate whether you need to make quarterly estimated tax payments to avoid possible penalties for underpayment.
What is an example of gross pay vs net pay?
Some deductions from gross pay to arrive at net pay would be social security tax, federal withholding tax, state withholding tax and state unemployment and/or disability tax. Some other deductions, which could be made either before or after taxable gross pay might be retirement and/or insurance contributions.
What are gross earnings?
Your gross salary is your salary before the federal with-holding, state with-holding and social security taxes are deducted. once everything is deducted, that money that you get to take home is your net salary or net pay.
What does groos pay and net pay mean?
Gross pay total amount of earnings for the time period. Less all of the necessary withholding that will have to withheld from the gross amount then you paycheck will be issued to you for your net pay. Net paycheck take home pay.
Explain why gross earnings not net pay is debited to the salaries expense account?
Gross earnings are deducted from the salaries expense rather than the net pay because the amounts withheld are liabilities to the company and get paid every quarterly period.
What makes retained earnings go down?
Retained earnings can go down if there is a negative supply of net income, or if more dividends are paid then net income. For example, retained earnings can go down if a company uses leftover cash to pay shareholders for previous years cash holdings.
What percentage of a solo law practice revenue can one expect to pay in taxes?
You don't pay tax on revenue. You pay tax on net earnings...that is, essentially, revenue minus expenses.
What does net pay mean on the payslip?
Net paycheck could also be referred to as your take-home pay. That is your actual payroll amount (Gross earnings) minus deductions like health insurance and taxes.
What is the Difference between gross pay and social security wages?
From the employer to the employee no difference gross pay earnings and social security wages earnings would be the same thing.
What do net stand for?
net has several meanings: net pay is the same as take-home pay after all your deductions, net is used is sport like tennis or volley ball, then there is net like a network of people working for the same company.
What is the name given to excess profits that are reinvested back into a business?
The term that you are looking for is 'retained earnings'. These are excess profits that may or may not be reinvested back into a business. They are ususally based on a percent of net earnings that are not paid out as dividends. Retained earnings are also used to pay debt and are recorded on the balance sheet under Shareholders' Equity.Also referred to as 'retained surplus' or 'undistributed profits', retained earnings are derived by adding net income to or subtracting net losses from beginning retained earnings less dividends paid to shareholders.
How much taxes do i have to pay if im self employed?
In 2009, you will pay the regular state and federal tax rates on all of your income, including your self-employment income. In addition, you will pay a Social Security tax of 12.4% on the first $106,800 of your net self-employment earnings (reduced by other earnings subject to SS) and a Medicare tax of 2.9% of your net self-employment earnings with no limit. You should also investigate whether you need to make quarterly estimated tax payments to avoid possible penalties for underpayment.
Will net pay be the same regardless of hours worked?
No, net pay will depend on the number of hours worked, except for employees on a fixed salary.
What is an example of gross pay vs net pay?
Some deductions from gross pay to arrive at net pay would be social security tax, federal withholding tax, state withholding tax and state unemployment and/or disability tax. Some other deductions, which could be made either before or after taxable gross pay might be retirement and/or insurance contributions.
What are gross earnings?
Your gross salary is your salary before the federal with-holding, state with-holding and social security taxes are deducted. once everything is deducted, that money that you get to take home is your net salary or net pay.
