PAYROLL AND PERSONNEL CYCLE CHART Journals needed for this cycle is the payroll journal and the general journal. In this cycle‚ transactions such as payroll taxes are checked to make sure they are deducted and remitted to the appropriate agency‚ and that payroll is accrued. The payroll and personnel cycle begins with the hiring of personnel and ends with payment to the employees for the services performed and to the government and other institutions for the withheld and accrued payroll taxes and
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etc. County governments will typically either seek an easement or obtain land in fee simple via eminent domain. The original cost of the mine when it was purchased 25 years ago was $2 million. The current tax adjusted basis is $0 due to depletion deductions. Due to the recent desirability of the location‚ the current fair market value is $8 million assuming the tract is “shovel ready” for building structures or other construction projects. II. ISSUE(S): Julie Jones‚ CFO‚ and Jim Nguyen‚ Vice-President
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Is the attorney’s fee deductible? III. Relevant Authorities: A. Compensation for Injury or Sickness Internal Revenue Code (“IRC”) Sec. 104(a) provides the general rule that- Except in the case of amounts attributable to (and not in excess of) deductions allowed under section 213 (relating to medical‚ etc.‚ expenses) for any prior taxable year‚ gross income does not include that--- IRC Sec. 104 (a)(2) the amount of any damages (other than punitive
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Jane Smith tax issues: What are the different tax consequences between paying down the mortgage (debt) and assuming a new mortgage (debt) for Federal income tax purposes? If you pay off your mortgage‚ you’ll lose the mortgage deduction on your federal income taxes. That lowers your overall return from repaying the mortgage. If you sold your main home‚ you may be able to exclude up to $250‚000 of gain ($500‚000 for married taxpayers filing jointly) from your federal tax return.
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please explain your reason for the inclusion or exclusion of each asset. 2). Based on Scott’s current estate plan‚ indicate those assets and their values that would qualify for marital deduction. Explain your reasons for the qualification or non-qualification of each asset for the marital deduction. Based on factual information‚ hard-copy documentation‚ and professional experience‚ BJSMC established the following resolutions to scenario I: • The “Catchall Provision” of Internal
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System Proposal: “Automated Payroll System (APS)” MAIN OBJECTIVE: Computers have the great impact on the profession of accounting. With the rapid growth of technology today‚ there is no doubt that computer will become a common asset in all profession. As computer technology changesat such fast phase‚ many businesses sectors try to cope up by upgrading computer system constantly in order to stay competitive. The multi-function ability of technology for its advance system is also an important
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The new Employment Rights Act 2012 has imposed several additional duties on employers‚ once proclaimed will affect the present labour laws in Barbados. The Employment Right Act 2012 clearly gives more rights to the employees and has several implications for employers whether party to the private or public sector. The Act was passed in Barbados Parliament in May 2012; it marks a fundamental change in the employee and employer relationship. The Act establishes a tribunal called the Employment Rights
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CAPITAL GAINS Capital gains means gains arising to an assessee on transfer of a capital asset. This clearly implies that to bring income taxable under the head capital gains‚ both the elements namely “Capital asset” & “transfer” has to be present in the given transaction. As such‚ we should seek absolute clarity with respect to these two terms. Sec. 2(14) of the I. Tax Act deals with the definition of the term “Capital Asset”. It is an inclusive definition. Capital asset includes property of
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Schedules C and M-3 are attached . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) Final return Accrual (3) (3) Name change (4) Address change 948‚800 (5) Amended return Other (specify) 1 Deductions (see the instructions for limitations) Income Caution. Include only trade or business income and expenses on lines 1a through 22 below. See the instructions for more information. 1a Merchant card and third-party payments (including amounts reported
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Similarly‚ Mrs. Richards was also engaged in the actress-model activity with the requisite profit objective. 2. Taxpayers could deduct expense they substantiated with receipts and showed were related to their activities. But taxpayers were denied deductions for expenses they didn’t substantiate or show were related to
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