Even if you don’t meet the 10-employee rule, two exceptions allow you to treat insurance as group-term life insurance. An employee can generally exclude from gross income up to $5,000 ($2,500 if married filing separately) of benefits received under a DCAP each year. You can exclude the value of benefits you provide to an employee … Read more Employee Fringe Benefits and Taxes What You Need to Know
The team of professionals at the New York location is dedicated to helping clients navigate the unique challenges they face in a rapidly changing business environment. Skoda Minotti’s New York office is located in the heart of the Financial District, providing easy access to its clients in the city. The team at Skoda Minotti New … Read more Top 12 Best Accounting Firms in New York City, NY 2017 Ranking New York City Accountants
Accrued salaries are a critical component of accrual accounting, allowing a more comprehensive view of the company’s financial health. Accrued payroll includes employer payroll taxes, such as Social Security, Medicare, and state taxes. Once you calculate each employee’s accrued payroll, add together the sums of all employees’ accrued payroll to find the total amount of … Read more Accrued Expenses: Definition, Examples, and Benefits