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What paperwork does one need to submit to apply for a business credit card?
The paperwork the needs to be submitted to apply for a business credit card is all of the business registration information to prove that the business has been approved federally.
What is the journal entry if the company paid the credit card of the employee?
It depends on the nature of the payment. If the expenses on the credit card were business expenses (for example, the employee purchased office supplies for the company), and the company made a payment to the credit card as reimbursement for those expenses, the entry would be a debit to the appropriate expense account(s) and a credit to cash. If the payment to the credit card was a loan to the employee and he/she was required to reimburse the company at a later date, the entry would be a debit to Accounts Receiveable and a credit to cash. If the payment to the credit card was not for business expenses and did not need to be repaid by the employee, then it becomes compensation to the employee as a bonus. This entry is more complicated because you should account for the payroll taxes that are incurred. For example, if the payment to the credit card company was $100 - this amount would be equivalent to the net pay check - so the actual bonus would be higher. If the employer was required to withhold 7% payroll tax and there was also a 7% employer paid tax, the $100 is equal to 93% of the bonus. So the gross bonus is $107.53, with $7.53 withheld (107.53 x 7%). The employers share of the taxes is also $7.53. So, the entry becomes a debit to Bonus Expense of $107.53, a debit to Payroll Tax Expense of $7.53, a credit to Payroll Taxes Payable of $15.06 and a credit to Cash of $100.
How can a small business begin to accept a credit card for payment?
A small business can begin to start accepting credit cards for payment by setting up a merchant account with their bank or financial institution. The business will next need to obtain processing equipment through their financial institution.
How do you reactivate an expired credit card?
You cannot. The card will need to be replaced.
How do you set up a pay pal account with out a credit card?
You don't have to enter your credit card when setting up an account on Paypal. Paypal requires your credit card information if you need your account verified.
Where can I get information about corporate business credit cards?
Your bank should be able to offer you a business credit card. It is a credit card that can be used for business expenses. Companies do not need one but they are helpful to have.
Build Business Credit With A Business Credit Card?
A business credit card helps manage the day to day expenses of a business, eliminating the need for most cash purchase. Also, business credit cards make it possible to separate business and personal expenses, helping with accounting and taxes. A business credit card serves as an important gateway into other forms of business credit. Business credit often comes slowly, however, especially for the majority of business owners who have no employees. Establishing the credit worthiness of a company without relying on the credit of the owner is a priority that, once achieved, lays the foundation for continued growth. A business credit card can come with various rates and terms, so shopping around for the best deal should be the business owner�s priority.
Where to get a secured business credit card?
In order to get a business credit card with no PG you will need to have a strong business credit score. That is the first step.
Set Up Business Credit Cards?
form_title=Set Up Business Credit Cards form_header=Control and coordinate your business expenses by using credit cards. How many emplyees will need credit cards?=_ What limit will be on each card?=_ What sort of rewards programs are you interested in?=_
What is the best business credit card option?
In order to find out which business credit card is the best for your business, you may need to talk to the credit card companies and ask them what the features of the cards are, and check the reviews of the many different cards.
Which companies offer business credit card deals?
You can contact your local bank to talk to them about establishing a credit card for your business. They will be able to tell you what you need to do to get what you want.
What is needed to get a new business credit card?
All you need to apply for a new business credit card is a business, a validated or certified one will make it easier to acquire such a card, but generally there is little difficulty in getting it.
What paperwork does one need to submit to apply for a business credit card?
The paperwork the needs to be submitted to apply for a business credit card is all of the business registration information to prove that the business has been approved federally.
Regarding a 1099 form does it make a difference if it was a Business credit card from a failed business?
Yes, it can make a difference. If the credit card was used for business expenses related to a failed business, the payments or transactions associated with it may still need to be reported on a 1099 form if they meet the reporting thresholds. However, if the business is no longer operational and no income is being generated, it may affect how income and expenses are reported for tax purposes. It's advisable to consult a tax professional for specific guidance based on your situation.
Can you get business credit under LC?
Business Credit is for your business only. Most small business owners make the big mistake to utilize their personal credit to fund their business expenses. You need business credit to properly and profitably run your business. Learn more here. http://goo.gl/N7XmKo
Where can I compare business credit card rates with personal credit card rates?
There are a large number of factors which play into credit card rates. In order to find out how business credit card rates compare to personal ones, you may need to talk to a credit card company representative, a person who owns both credit cards, or a person who works at your local bank or credit union.
What is a limited purpose credit card?
Businesses usually grant "limited" credit cards to employees that need them for business expenses. Travel, meals, etc. They usually are very restricted and can be used at certain places as hotels, car rental companies, and restaurants.
