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Simple questions about payroll accounting
I'm working on a question, and I just need to find out when you are given an advance on your pay are taxes deducted when you get the advance, and also is commison similar to piecework... oh and would it be sales that effects profit and loss statement, I'm pretty sure it is maybe someone could clarify for me..
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Normally if you're given an advance, no taxes wouldn't be taken out because it'd be considered a loan. Then on the next pay check, the taxes are figured like normal, and then the loan is also deducted.
Commission is only similar to piecework from the point of view that they're based on your output. But commission is generally on sales, as a percent. And piecework is generally a production type thing and is a pay per each one. And both could have a base pay -- i.e. x amount of dollars per week plus the commission. And yes, sales is part of the P&L statement, usually called an income statement these days. That statement is about what you profited -- and what do you profit off if not your sales? |
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