TAXES
A mandatory fee imposed by the government or other similar organization
Tax
What does it mean if someone is tax exempt?
They are not a subject to taxation
Everything your business owns
Set of activities directed at an organization's resources (human, financial, physical, and information) with the aim of achieving organizational goals in an efficient and effective manner.
Management
System of moral principles that help guide person's behavior
This tax is based on the value of property such as land and buildings
Property tax
Define tax withholding
Money taken off a paycheck for taxes by employer
Examples of liabilities
Mortgage, Taxes, Debt
What do managers do?
Plan/Organize/Lead/Control
All external and internal factors that influence a business
Business Environment
Tax day/
The date that tax returns are due unless you file an extension
April 15th
Who is a dependent?
A person other than the taxpayer or spouse who entitles the taxpayer to claim a dependency exemption
Provides a snapshot in time of the financial condition of your business and tells you the Net worth of the company
Balance Sheet
A department in a company that does the following:
- making payments and keeping the bills paid
- processing incoming payments
- preparing financial reports, e.g. P&L, Balance sheets
Accounting Department
Provide an example of unethical behavior in an organization
Sweatshops; Employee theft; Bribery; Harassment; Abusive behavior
The form that an employer must send to an employee and the Internal Revenue Service (IRS) in order to file tax returns
W-2
The date by which an employer must mail a W-2 form to an employee
January 31st
Statement that will tell whether you had a net profit for the period or suffered a net loss
Income Statement
A department in a company that does the following:
Ø Staffing
Ø Performance management
Ø Learning and development
Ø Rewards
Human Resource Department
A set of values, norms, and artifacts, including ways of solving problems that employees of an organization share
Corporate Culture
A federal tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes
W-4
A percentage of the price of an item that a person pays when they buy something
Salex tax
Total amount of income earned by the sale of goods and services
Revenue
A department in a company that does the following:
Ø Management of assets and liabilities
Ø Planning and directing the financial transactions for an organization
Ø Investment strategy
Ø Budgeting
Finance Department
Organization that protects consumers from dangerous or falsely advertised goods.
Federal Trade Commission (FDA)