Pursuing a Career in Accounting
![Ken Pun](https://pungroup.cpa/wp-content/uploads/2024/02/Ken-Proposal-Headshot-150x150.jpg)
My journey into accounting is deeply rooted in a long-standing family tradition. Growing up in a family of accountants, I was naturally drawn to the discipline, appreciating its principles and its crucial role in ensuring financial accuracy and integrity within organizations. This familial connection not only instilled a deep appreciation for accounting but also sparked my professional curiosity. The prospect of helping individuals and businesses optimize their financial management processes further solidified my interest in this field.
Staying Updated: Commitment to Continuous Learning
In the ever changing industry of accounting, staying updated on industry trends and regulations is paramount. I maintain a steadfast commitment to ongoing education, leveraging an extensive array of resources. These include reputable news publications like Accounting Today and the Journal of Accountancy, as well as scholarly white papers such as the GASB Implementation Guides. Additionally, I monitor regulatory developments through sources like the OMB Compliance Supplement for Single Audit and stay current on industry best practices via outlets like the AICPA Governmental Audit Quality Center Alerts. This comprehensive approach ensures that I remain well-informed and continuously improve my skills and expertise.
The Fascination and Rewards of Accounting
One of the most fascinating and rewarding aspects of accounting is its pivotal role in empowering individuals and businesses to make well-informed financial decisions. From the meticulous preparation of financial statements to the discerning analysis of data to unveil critical trends, accountants play a crucial role. The strategic counsel provided by accountants is instrumental in shaping the financial trajectory and prosperity of their clients or organizations.
Moreover, the inherent complexity of financial puzzles and the pursuit of precision in financial reporting offer intellectually stimulating challenges. I find these challenges particularly engaging. The dynamic landscape of the accounting profession, characterized by continual adaptation to regulatory shifts, technological advancements, and evolving business paradigms, presents both challenges and opportunities for growth and innovation. Embracing this ever-changing environment is what makes the accounting profession so dynamic and rewarding.
Problem-Solving and Decision-Making as an Auditor
In my role as an auditor, problem-solving and decision-making are critical aspects of my responsibilities. My approach hinges on analyzing data and information to uncover patterns, trends, and anomalies. Here’s how I navigate this process:
Throughout this process, I uphold a steadfast adherence to relevant auditing standards, regulations, and ethical guidelines, ensuring that my work is conducted with integrity and in alignment with professional mandates.
State unemployment. Every state also runs its own unemployment insurance program to provide benefits to eligible workers who are involuntarily terminated. Generally, the rate employers must pay is based on their claims experience. The more claims made by former employees, the higher the tax rate. States update these rates annually.
Additional Medicare tax. This payroll tax often flies under the radar. Under a provision of the Affordable Care Act, the additional Medicare tax of 0.9% applies to employee wages above $200,000 for single filers, $250,000 for joint married filers and $125,000 for separate married filers. Note that this tax is paid by employees only. However, employers are responsible for withholding it, when applicable.
If your organization has been operational for a while, you’re likely well aware of theadditional Medicare tax, as well as the other five common payroll taxes discussed above.
Nevertheless, most employers can benefit from taking a continuous-improvement approach to payroll taxes, always looking for ways to improve efficiency and better ensure compliance. We can help you assess the costs and efficacy of your payroll processes.
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