Archive of entries posted in the year 2017

What Kind of Records Should You Keep for Your Business Income and Expenses?

You may choose any record keeping system suited to your business that clearly shows your income and expenses. It can be as simple as a calendar showing business income earned each day and business expenses paid each day or they may be a detailed accounting system. The system of records should include enough information to correctly determine gross receipts, business expenses incurred and the purchase price of assets acquired for use in the business. Continue Reading »

Federal Unemployment Tax

What is Federal Unemployment Tax?

The Federal Unemployment Tax Act (FUTA) is a payroll tax paid by employers on employee wages. The tax is 6.0% on the first $7,000 an employee earns; any earnings beyond $7,000 are not taxed. Since almost all small business owners will receive a credit up to 5.4% for any state unemployment taxes they pay. Continue Reading »