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Companies Are Using This Sneaky Strategy To Avoid Paying Overtime

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Open-ended exemption tests for employees dictate that individuals working for salaries hardly above the national poverty line can be exempt from overtime payments so long as their employer can create responsibilities that sound administrative. The second test is the salary test, which states that an employee must meet a salary threshold.

Salary 257
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How to Start a Nonprofit Organization In 5 Simple Steps

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Donors asked if they can deduct the cost of the donated items on their tax return, and a few people suggested you make your project legal by filing for nonprofit status. Will the secretary be able to keep track of the records and filings? Each state has different rules and regulations for filing.

Filing 159
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4 Retirement Plans Small Business Owners Should Consider

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SEP IRAs also don’t require yearly filings like 401(k)s or other retirement plans. Employers must contribute equally : To contribute to a SEP IRA, business owners must contribute the same percentage of salary for each employee. Unlike a 401(k), the company is not required to do discrimination testing or file yearly reports.

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Tax Planning for Freelancers: 5 Strategic Moves To Make Now To Avoid Tax Pain Next Year

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While the dust from the 2023 tax filing season has long since settled, if you are a freelance worker, independent contractor , or digital nomad, now isn’t the time to forget about your taxes. While celebrating U.S. Part of that process starts with taking notes on how you work, for how many hours, and from where.

Legal 261
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Do I Need to Buy Life Insurance?

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To calculate how much insurance to buy, some experts recommend multiplying your salary by eight. Others say to multiply your annual salary by the number of years you have before retirement. Store the policy documents securely, along with the rest of your estate plan and financial details, in a fireproof file box or other safe place.

Policies 215
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IRS update: digital communication and payroll

BMT Office Administration

Mamo reviewed some initiatives, including IRIS , the IRS’ new simplified platform for filing 1099s. Information return filers filed about 300,000 to 400,000 1099s through IRIS this past winter. In July the IRS will roll out a bulk filing feature for IRIS. modernized e-file), and the data is extracted and dropped into a schema.

Payroll 52
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Lawsuits, Lost Expertise And Bad Morale: The Steep Risks Of Ignoring Older Employees

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Even if an employee doesn’t file a claim but is merely alleging age discrimination, HR and legal will likely investigate the allegation as a best practice. Maybe you are ready to trade in some salary for greater flexibility in hours or location. At this point you need to document everything that you are seeing and feeling.