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What else can I help you with?
Are health insurance premiums a business expense?
If you are paying them for your employees as part of their compensation package, yes, it is a business expense. If it is for yourself, no, it is not a business expense, but it is usually tax deductable under medical costs.
What do you call money spent for business?
Business expense.
What kind of business expense does not involve cash payments?
Barter
Define maintenance and other operating expenses?
Operating Expenses are expenses that are incurred while running a business. Maintenance Expense could be considered anything from the cost of maintaining a company vehicle to repairs made on a building or some other type of "maintenance" that is require by the business in order to function at 100%. Many expenses have their own account such as, Utilities Expense, Rent Expense, Insurance Expense, Interest Expense, Supply Expense, just to name a few. Other expense may not have a specific account in which to be recorded, such as Travel Expense, Food Expense (perhaps to entertain a possible client), these expense are often listed under "Other Expenses".
What does miscellaneous mean in business?
Generally it means things that do not fit into established categories. For example, in finance or accounting, a miscellaneous expense is one that cannot or is not convenient to be entered into categorized expense accounts and is thus entered into the miscellaneous expense account.
What is payroll expense?
A payroll expense is an expense for an employee of a business. It is what is used to pay the workers in a company or organization.
What is a covered expense?
A covered expense is an expense paid for usually by a company for their customers or a business for their employee. Covered expenses are a benefit defined by the company.
Can you write off employee wages on your taxes?
Yes, you can generally deduct employee wages as a business expense on your taxes.
What is the three-part test of that helps to justify the purpose of expenditures?
The three-part test to justify expenditures assesses if the expense is ordinary and necessary for conducting business, if it is directly related to the business, and if it is substantiated with proper documentation. If an expense meets all three criteria, it can be justified as a legitimate business expenditure.
Can an employer take control of employees travel rewards?
That depends if the rewards are company owned and if the employee is traveling for business purposes and all expense of the employee is covered by the company.
IS interest Expense an operating expense?
for trading business interest expense is always non-operating expense because of that "the person who use trading business is only to sell and purchase of goods" so the business activity is only to purchase and sell of goods. in this type of business, to perform these activities may face the expenses like transportation, employee salary and rent expenses and sort of thing. rather than interest expense which is an another expense these expense not use to generate operational goods in this type of business or operational income
What are the accounting journal entries to record employee reimbursement?
If paying right now: Debit Employee Reimbursement Expense Credit Cash If recording to pay at a later date: Debit Employee Reimbursement Expense Credit Accounts Payable (to the employee)
How much should you get paid on company time for gas mileage?
An employer can pay any amount they want for gas mileage. The federal government allows an employee to claim a deduction for the business mileage if the employer does not reimburse the employee for the expense.
Is lunch considered a business expense?
Yes, lunch can be considered a business expense if it is directly related to conducting business, such as a meeting with a client or a business partner. However, there are specific rules and limitations on what can be claimed as a business expense for tax purposes.
Is childcare considered a business expense?
Yes, childcare can be considered a business expense for self-employed individuals or business owners if it is necessary for the operation of the business.
What is the journal entries for paying employee salary?
Salary expense
Are health insurance premiums a business expense?
If you are paying them for your employees as part of their compensation package, yes, it is a business expense. If it is for yourself, no, it is not a business expense, but it is usually tax deductable under medical costs.
