Part of an employer’s payroll responsibilities is to handle the deduction and payment of their employees’ taxes. One of these is the Medicare tax, which is 2.9% of the employee’s gross earnings (as of writing this). The equivalent amount is split between employers and their workers, each paying 1.45%. However, there are instances where the…
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What Is Supply Chain Management? Small Business Guide
Supply chain management (SCM) is the process of overseeing your product from construction to delivery with an eye for creating the best product at the best price. For small businesses, this often involves: Sourcing products, parts, or materials, either domestically or overseas Using a third-party fulfillment service or performing fulfillment in-house Handling logistics and transportation…
What Are Robocalls & Tips on How to Avoid Them
A robocall is an automated phone call containing a recorded message transmitted automatically to multiple phone numbers through auto-dialer software. It can be used for telemarketing campaigns and announcements like flight cancellations or appointment reminders. However, they have become easily exploitable by spammers trying to sell something illegal. Read further to understand what robocalls are,…
What Is GAAP in Accounting? Definition, Purpose & Principles
GAAP, or generally accepted accounting principles, is a set of rules and standards that accounting professionals follow when preparing financial statements and the related disclosures. In the United States, the Financial Accounting Standards Board (FASB) implements GAAP through its Accounting Standards Codification (ASC), a more detailed set of standards that lists down all the accounting…
Certified Management Accountant Defined and What They Do
A Certified Management Accountant (CMA) is a professional certification awarded by the Institute of Management Accountants (IMA) to individuals who demonstrate expertise in financial planning, analysis, control, decision support, and professional ethics. A CMA can help your small or medium-sized business (SMB) by analyzing fixed vs. variable costs, setting a profitable sales price, determining optimal…
Bonus Tax Rate: What It Is, How To Calculate & Tips to Lower It
Similar to salaries, employee bonuses are subject to taxes—specifically, a bonus tax rate, which is typically a flat rate of 22%. This can change depending on the amount of the bonus and the method used to calculate the applicable bonus taxes. Generally, all types of bonuses need to be taxed, but reducing the tax income…
What Is Mobile Commerce? How It Can Help Your Business
Mobile commerce, also known as mcommerce, is simply anything involved in the buying and selling of goods using a mobile device—whether it’s paying your electric bill on an iPad or buying concert tickets on your smartphone. You can achieve this with a phone app or using a mobile-friendly website and a payment processor suited for…
What Is DaaS & How It Benefits Small Business
Device as a service (DaaS) is a subscription-based device management model that allows businesses to outsource the process of buying, deploying, and managing computing devices. These devices include business phones, smartphones, personal computers, laptops, and tablets. The information technology (IT) support providers offer services such as onboarding team members, monitoring registered devices, and ensuring the…