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Sorting out taxes and reporting for a deceased employee

BMT Office Administration

While fortunately a rare circumstance, dealing with payroll for a recently deceased employee can be tricky. Hopefully this isn’t an issue that comes up for your payroll department often, but it’s important to know what to do, and get it right, in the event that it does happen. What pay is taxable?

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The What, Who and How of Outsourcing… So You Can Let Go

Success

When Harry Hecht, an Orlando, Florida-based mentor with SCORE—originally named the Service Corps of Retired Executives—encounters business owners who are reluctant to outsource, he has them track their time. “I I use it with my interns for my blog. But others have a hard time letting go of any tasks, for various reasons.

Elance 288
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Is the worker treated as a supplemental resource to the business’ internal staff or are they working alongside them during similar hours and on similar projects? 1099 workers also are not generally paid through regular payroll and do not typically have taxes withheld from their checks or deposits. How to fill out a 1099 vs a W-2.

Payroll 52
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Navigating the IRS’ Interactive Tax Assistant

BMT Office Administration

Categories in the assistant include Filing Requirement, Form to Use, Due Date; Filing Status and Dependents; Retirement: Pensions, IRAs, Social Security; Other Income (e.g., scholarships); Deductions; Credits; International; and Additional Topics. It’s payroll -friendly, too! I stuck to the top—Do I Need to File a Tax Return?

Payroll 52
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Do You Know Your Lifestyle Ratios?

Stephanie LH Calahan

  Revenue, net income, total expenses, and payroll costs are just a few of the items that you may be monitoring on your profit and loss statement.  In the example below, this person is well on their way to retiring. Today I asked my friend Linda Siniscal talk about life beyond the profit and loss statement. Monthly Hours.

Lifestyle 100
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The US Talent Pool: Welcome Back to a Seller’s Market

Energage

Now let’s overlay the Bureau of Labor Statistics data on ‘Layoffs’ – the monthly rate at which organizations are dropping people from their payrolls. This does not include retirements or long-term sick leave. (note that I plotted the unemployment rate on the right-hand axis). Layoffs: Way Down Too. Quitting is Back in Fashion.

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Income taxes explained in 7 simple concepts

BMT Office Administration

It’s all taxable income recognized by the Internal Revenue Code. Examples: employer contributions for health insurance and to retirement benefits. Total income is the broadest measure of income. It includes wages, salaries and tips; interest and dividends; capital gains; and pensions and annuities.

Filing 52