Category: Bookkeeping

For a visual comparison of state income taxes across the United States, see our state income tax map. New York’s budget for fiscal year 2023, enacted in April 2022, accelerated income tax rate reductions originally passed in 2016 for middle-income earners. For tax year 2022, the tax rates on those levels of income were 5.85 and 6.25 percent, respectively. Tax brackets and rates depend on taxable income, adjusted gross income and filing status. State income tax is imposed at a fixed or graduated rate on taxable income of individuals, corporations, and certain estates and trusts. Taxable income conforms closely to… Read More

Accountants can help their organization limit gift card fraud by reviewing their company’s internal controls over the gift card process. During the accounting cycle, many transactions occur and are recorded. At the end of the fiscal year, financial statements are prepared (and are often required by government regulation). Various journal books, such as sales books, purchase books, cash books, and so on, are used to record transactions in the primary book of accounts. Bookkeepers analyze the transaction and record it in the general journal with a journal entry. For example, when a transaction is recorded using accrual accounting, it happens… Read More