Category: Bookkeeping

In cases like these, the law favors the rate most beneficial to the employee — in other words, the highest minimum wage. As 2024 unfolds, changes to the business climate are already underway as nearly half of the US adjusts to minimum wage increases. Twenty-two states have already implemented new minimum wage standards, while three other states are set to follow suit later this year. Workers minimum wages whose wages would be between the previously applicable minimum (state or federal) and the proposed minimum if the federal minimum wage remained unchanged. Under any of the policy options, such workers would either become jobless or see increases in their earnings in an average week. The table below lists the current prevailing 2024 minimum wage rates for every state in the United…

In case of long-term contracts, accountants need a basis to apportion the total contract revenue between the multiple accounting periods. Percentage of completion method provides one of those bases, other being full-contract method. Taxable income from a long-term contract is determined under the percentage-of-completion method (Sec. 460(a)). When using the percentage of completion method, it’s important for contractors to revise their estimates anytime changes occur on the job. This ensures the accuracy of their accounting calculations, and helps to avoid cash flow challenges. Contractors often prefer the completed contract method when it's tough to estimate the actual costs of a project. It's also favored when managing multiple projects simultaneously or when a project is short-term. Based on the percentage of completion calculated using cost date we determine than revenue of…