Life cycle costing is an economic term that has plenty of applications. It indicates the total cost of a product or item. The life cycle costing covers pending and future expenses. It can help you figure out whether or not it’s worth having such a product, commodity, asset, anything that involves a business. How to … Read more
The Free Application for Federal Student Aid houses many terms that can confuse those making an application for the first time. One of these terms is the cost of attendance. Abbreviated as COA, find its definition and what it means for a student applying for federal student aid. There is certainly a cost linked with … Read more
With an annual statutory cap of 65,000 per year, the H1-B is the nonimmigrant visa that allows employers to hire foreigners for specialty jobs that require at least a bachelor’s degree. It’s one of the most commonly petitioned nonimmigrant visas that allow foreigners to work in the United States. Though it isn’t a nonimmigrant visa, … Read more
Significant Social Security changes are on the horizon, and these are going to affect Medicare premiums. Those who receive Medicare benefits and pay premiums are likely to see an increase in how much they’re paying. For the calendar year, the Centers for Medicare and Medicaid Services (CMMS) hasn’t announced the monthly premium amounts and deductibles. … Read more
The standard deduction carries high importance for the majority of taxpayers. Almost nine out of ten taxpayers claimed the standard deduction instead of itemizing taxes in 2021, and analysts expect this will be higher for the upcoming tax season. Whether you anticipate taking the standard deduction or itemizing taxes, the standard deduction amount will play … Read more
The Health Savings Accounts are a great way to reduce your federal income tax bill as the money contributed to these accounts isn’t taxed. When the time for distribution comes due to healthcare payments, you won’t be taxed also if the medical expenses qualify under the IRS rules. Added with the fact that you can … Read more
The Department of Education requires parents or legal guardians of students to submit their financial information on taxes. The purpose of presenting your financial information through tax transcripts is to figure out how much the student is expecting to receive from the family. This is known as the expected family contribution. The amount of expected … Read more
The Internal Revenue Service defines gifts as cash or assets given to individuals or businesses. For tax purposes, the grantor is responsible for the taxes. The person or the organization that receives it isn’t responsible for the taxes. That said, if you’re on the giving end, the tax implications of gifting money or property mean … Read more
Also known as the dollar contribution per unit, the contribution margin ratio represents the incremental money generated for every unit, whether it’s a product or commodity. The contribution margin ratio is calculated using a simple formula. The variable cost per unit is subtracted from the selling price per unit equal to the contribution margin ratio. … Read more
QuickBooks Desktop by Intuit is one of the most preferred accounting software for all sizes of businesses. If you want to try before purchasing the software, you can utilize the free trial in your business and get a taste of America’s most popular accounting software. Currently, Intuit offers 30-day free trials across different QuickBooks packages. … Read more