Tax-free is a system for returning the amount of value-added tax (VAT). The VAT is refunded on purchases made by foreign citizens when they cross the border of the country in which they were purchased. The refund amounts usually range from 8% to 25%... Read more
The General Federal program or social security Program is a program of insurance for old age, loss of a breadwinner, and disability. The General Federal program is the only, although the largest pension program that has a distributive nature. All oth... Read more
The basis of the revenue part of the American budget (about 70%) is federal taxes. The most important tools for managing the level of income of the population are several types of taxes: income tax on the wages of individuals and self-employed e... Read more
Timely and full payment of taxes is the key to the stable development of any state. In the entire system of taxation, direct taxes are the most important and bring the highest income to the general treasury. Income tax is one of the most important ta... Read more
Many businesses are required to produce a document, such as an income statement. This source assumes the inclusion of figures that reflect how effectively the company is operating — in terms of revenue generation and business profitability. It is qui... Read more
Since making a profit is a goal of most organizations, the most important function of the accounting system is to provide information on the profitability of its activities. Funds received from profitable work may remain at the enterprise in order to... Read more
There are many types of income statement. Some of them are used often, and others are used quite rarely. The most experienced accountants are acquainted well with the following types:Classified income statement;Comparative income statement;Condensed... Read more
The income statement analysis reveals the structure of the company's revenues and expenses, which allows them to be controlled in terms of items, types (areas) of an activity, product groups, and managers. Thus, the income statement definition is ver... Read more
Ledger account is a way of the current interconnected reflection and grouping of property on structure and placement, on sources of its formation, and also economic operations on qualitatively homogeneous signs expressed in natural, monetary, and lab... Read more
Some people don’t know, “When are tax returns due?”. Taxpayers declare in the established form about the received income, taking into account privileges and discounts during the specific accounting period. Taxes, according to the established rate, ar... Read more
