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Businesses with complex cost structures and multiple factors influencing costs use this approach of activity-based costing (ABC). It links the costs directly to the activities or operations that drive them and helps evaluate resource consumption. For instance, a hospital or healthcare facility can allocate costs to activities related to patient care, diagnostic services, surgeries, and […]

To take advantage of an employer’s fringe benefits in the most effective way, employees need to understand how common fringe benefits are taxed. Tax reporting requirements can vary, depending upon who receives the benefit. Taxable fringe benefits paid to partners are reported on Schedule K-1 (Form 1065). Fringe benefits are forms of compensation, usually non-cash, […]

Learn practical ways to address pay inequity and offer inclusive family stipends that support women. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Awards given for achievements are exempt from tax withholding and are also deemed not taxable. Calculating Fringe Benefit Rate It can also help you decide if […]

Let’s say the same jeweler makes 10 gold rings in a month and estimates the cost of goods sold using LIFO. The cost at the beginning of production was $100, but inflation caused the price to increase over the next month. By the end of production, the cost to make gold rings is now $150. […]

This means that the inventory value recorded under current assets is the ending inventory. You most likely will need a tax professional to calculate COGS for your business income tax return. But you should know the information needed for this calculation, so you can collect all the information to include in this report. This guide […]