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Sorting out taxes and reporting for a deceased employee

BMT Office Administration

Are there special reporting requirements? health, dental, vision, retirement) and involuntary deductions, like garnishments. Wages and accrued benefits paid in the same calendar year as death are exempt from income tax withholding, but are subject to FICA and FUTA. On the final W-2, report all wages up until death.

Payroll 52
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2023 Financial Forecast: How to Prepare for the Year Ahead

Success

Back in June, scientists reported that Earth had its shortest day since the 1960s, making its full axis turn milliseconds faster than expected. Admittedly, that’s not much of a time difference, but then again, somehow it’s almost time to bring out the 2023 calendars. Stay invested in financial markets.

2023 293
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Business finance: The ultimate guide for non-finance people

BMT Office Administration

The beginner’s business finance glossary “Our P&L report shows that our revenue is now greatly exceeding our expenses, and we’re showing a considerable profit.” “In The catch is that a business’s fiscal year does not have to line up with the traditional calendar year.

Finance 105
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Non-Mortgage Debt and Working in Retirement

Small Business Labs

Reports and Resources Intuit 2020 Research Report Todays Hobbyists are Tomorrows Hobbypreneurs Homepreneurs: A Vital Economic Force Research Brief - Small Business Credit Outlook The Economic Stimulus Package: Whats in it for Growing Businesses?   We posted on Tim Berry's un-retirement last week. 

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Stay on track with this payroll compliance checklist

BMT Office Administration

Report new hires to the state. Employers must report new hires or newly rehired employees to their state within 20 calendar days. They can then receive social security when they retire or become disabled. Reporting fringe benefits. Though some states have earlier deadlines. Employee’s name. Federal Income Tax.

Payroll 52
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

A 1099 is a form used to report non- employee compensation. Employers must send Copy A of Form W-2 to the Social Security Administration (SSA) to report the wages paid and taxes collected for their employees during the previous calendar year. What is a 1099? Employers also have to send a copy of the W-2 to the employee.

Payroll 52
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Is Your Resume Hot? Or a HOT mess?

Melissa Peoples

For most administrative professionals, the majority of our roles contain functions that recur, such as calendar management, expense reporting and travel arrangements. I didn't love kow-towing to the age haters, but I also need to work, and let's face it, I am nowhere near ready to retire!

Resume 52