What is deferred profit, Accounting Basics

Assignment Help:

A portion of company profits allocated by an employer, in good years, to an employee's trust.Contributions on behalf of every employee are expressed as a percentage of salary with 5% being common practice. If the profit-sharing plan is a qualified plan according to the IRS, employer contributions are tax deductible as a business expense. These contributions are not presently taxable to the employee; advantages are taxed at the time of distribution.

 


Related Discussions:- What is deferred profit

Forms of business organizations, Forms of business organizations Accoun...

Forms of business organizations Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organiz

The amounts to be paid on principal , On January 1, 2012, Muller Co. borrow...

On January 1, 2012, Muller Co. borrowed cash from Washington Valley Bank by issuing a $100,000 face value 3-year installment note payable that carried a 7% interest rate. The note

Formula Needed, Hello, I work in the Events Department for a country club i...

Hello, I work in the Events Department for a country club in Rhode Island. We are trying to figure out the following question for an invoice: A restaurant bill is $18.50 and inclu

Transponder, A user buys a new transponder for $20. What debit and credit e...

A user buys a new transponder for $20. What debit and credit entries would need to be made?

Example of electronic spreadsheets, Q. Example of Electronic spreadsheets? ...

Q. Example of Electronic spreadsheets? Electronic spreadsheets have many applications in accounting. An electronic spreadsheet is basically a large blank page that contains row

Database management system - accounting perspective, Q. Database management...

Q. Database management system - accounting perspective? A database management system stores related data-such like monthly sales data products, salespersons, customers and sale

Explain about staff accountant, Q. Explain about Staff accountant? Let ...

Q. Explain about Staff accountant? Let us travel with Tracy as she begins her career at the staff level. At the onset, she works directly under a senior accountant on each of h

What do you mean by consigned goods, Q. What do you mean by consigned goods...

Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus

Explain about purchase discounts, Q. Explain about Purchase discounts? ...

Q. Explain about Purchase discounts? Purchase discounts frequently companies purchase merchandise under credit terms that permit them to deduct a stated cash discount if they p

Cost, how much is it to get a tutor, per hour or package? i am in an mba pr...

how much is it to get a tutor, per hour or package? i am in an mba program now

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd