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Sunday, 07 June 2009 17:12 |
Q: What is a corporation?
A: A corporation is a legal entity separate from its owners, and may have an unlimited number of shareholders. A major advantage of any corporate form is that it limits the personal liability of the owners for claims against the corporation. Additionally, as a separate entity, a corporation has unlimited life, extending it beyond the life of its owners. Creation of a corporation occurs when properly completed articles of incorporation are filed with the appropriate state authority, and all fees are paid.
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Wednesday, 24 June 2009 13:58 |
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What Goods and Services are Subject to This Tax?
New York City imposes sales tax on the sale or use of the following items in the City:
- Most tangible personal property (i.e. alcohol, furniture, electronics, etc.);
- Gas, electricity, refrigeration, steam, telephone, and telegraph services;
- Detective, cleaning, and maintenance services;
- Occupancy of hotel and motel rooms;
- Food and beverages sold by restaurants and caterers;
- Admission charges to places of amusement;
- Receipts from beauty, barbering, hair restoring, manicures, pedicures, electrolysis, massage, and other, similar services;
- Receipts from the sale of services by or use of facilities of weight control salons, health salons, gymnasiums, and similar establishments;
- Sales of credit rating and credit reporting services;
- Receipts from the sales of the service of parking, garaging, or storing motor vehicles;
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Wednesday, 24 June 2009 14:03 |
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Generally speaking, employers report payroll by calculating gross pay and various payroll deductions to arrive at net pay. While this seems simple enough to understand, calculating various payroll deductions requires that the payroll accountant be detail-oriented and work with extreme accuracy.
Basic Formula for Net Pay:
Employee's gross pay (pay rate times number of hours worked)
minus Statutory payroll tax deductions
minus Voluntary payroll deductions
equals Net Pay.
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