![]() The next entries are to debit salary and tax expenses and to credit cash along with liability entries for taxes and other payroll liabilities. If there is not enough money to withhold from an employee, the W-2 will show amounts under "Uncollected Social Security taxes on tips." If you deposit the money in your business bank account and then distribute to employees on payroll, the entries are to debit cash and tips revenue first. Employers are liable to pay for FICA and other payroll taxes, making this process complicated. According to the IRS, "all employees receiving $20 or more in tips must report 100 percent of their tips to employer." Usually, these tips are included in the payroll and shows up on the W-2 at the end of the year. ![]() ![]() You dont need a degree to grow a business. An account receivable is not normally set up for tips because most businesses know about tip amounts after they are received. These are the skills that will actually grow a business and make you more valuable on the open market. This entry is usually done every day or week for the cumulative tip amount and not one by one. The journal entry to recognize tips is to credit a revenue account and debit cash. Depending on your business, you could also recognize tips together with regular income in one account and not separate them. Create separate accounts for tips, such as a Revenue-Tips account, which reports in the profit and loss statement as income, separate from your regular revenue. Deadlines spur you into action and creates motivation.Ī is your destination for all things home based business.Set up accounts. I block off three hours in the morning every day. Time Bound, Set a deadline for your goals. To keep your business calendar in check and make the most of every day, here are six time-hacking tips I've found effective: 1. If your goals are not realistic it will lead to procrastination and you will not motivated to accomplish it. Goals break down your big vision into bite size chunks that you can believe in. Your goals is what makes your vision attainable and real. This is different than vision, your vision can be a big as you want it to be. Realistic, Something that you can do and believe in. Don’t put unrealistic expectations on yourself and pressure. Measurable, so that you can know that you are making progress and know when you have reached your ultimate goal.Īchievable, make your goals something that you can control and have the power to accomplish. ![]() goals – Specific, Measurable, Achievable, Realistic, Time Bound/Timely Your Vision is the blueprint and your goals are the steps to building that vision. So once you decide on your grand vision then map out your goals and break it down so that it is clear on how you are going to get Stretch your don’t just settle for ordinary, create stretch goals that motivate you. Picture exactly what you want, and see touch and feel it in your mind so that your dream and what you want it like a magnet and attracts what you wa nt to you. 5 Ways To Build Meaningful Authentic relationships with your clients. You want to have the big picture of what you want to create and achieve. Business Tip of the Day: ASK TONS OF QUESTIONS AND LISTEN TO THEIR ANSWERS. To get where you are going, you need to have a clear vision (not the vision that you see with but the vision that you dream with.
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