Social security taxes determine a 6.2 percent deduction from your pay check with effect from 2018. Medicare taxes account for an additional deduction of 1.45 percent. Your pay stub may show these deductions lumped under a single head called FICA taxes. It is the amount of salary paid by an entity in advance but the …

When such a situation arises, the company ABC has to make some complex changes in its balance sheet to note down the transaction. According to the law, the company ABC must discount its future cash flows to adjust for the incremental borrowing rate. With the new standards, every lease accountant now needs to be knowledgeable …

Per IRS/State regulation – not eFile.com – an Illinois state tax return can only be e-Filed together with an IRS tax return. Instruction how to only prepare a IL state return on eFile.com and then download, print sign and mail it in. The state of Illinois collects 39.2 cents for every gallon of regular gasoline. …

The Times Interest Earned Ratio will be calculated as 5.00, indicating that the company can cover its interest payments five times over. For companies without debt or minimal interest expenses, the TIE ratio may be less relevant. EBIT is calculated by subtracting operating expenses from total revenues, excluding interest and taxes. Thus, the company’s tax …