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Your employees must fill out a W-4 form when they are hired. You must complete a W-2 form for each of your employees for witholding tax from their salaries.
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Your employees must fill out a W-4 form when they are hired. You must complete a W-2 form for each of your employees for witholding tax from their salaries.
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POS stands for "Point of Sale." POS systems record transactions the moment they are made. A recognizable example of part of a POS system is the cash register.
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The recommended form of payment is through salary payroll. This creates better financial organization.
If you are a sole proprietor, your income may just be your business's income; some business owners may also receive dividends.
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Bookkeeping is the recording of transactions. Accounting analyzes and and makes meaning of those transactions so they can be used for financial, managerial, and tax purposes.
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Having an accountant file your taxes is always recommended, especially for the first year of a small business. There will be many things going on in the first year, like setting up costs, so an accountant will help you deal with those correctly.
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QuickBooks is a simple accounting software that helps small businesses record transactions, salary payrolls, expenses, etc.
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QuickBooks is one of the most affordable and recognized small business accounting softwares. Some sort of software like QuickBooks is recommended for every small business in order to keep a tight control on finances.
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Tipped wages will vary from state to state. In Washington, the minimum wage must still be paid for tipped employees. Federally, however, only a wage of $2.13 per hour must be paid for workers who get tipped.
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If you are just starting, don't worry. Just begin keeping track of your expenses, and look through all your previous transactions. For an easier time, use a software like QuickBooks to help you organize all your needs.
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A payment is merely a disbursement of money, typically some form of cash, checks, etc. An expense should be recorded when a cost is incurred, whether or not the payment has happened.