Remove 2020 Remove Equipment Remove Payroll Remove UPS
article thumbnail

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

BMT Office Administration

Does the business provide all necessary tools or equipment or does the worker provide their own tools? 1099 workers also are not generally paid through regular payroll and do not typically have taxes withheld from their checks or deposits. Wages of up to $147,0000 are subject to social security taxes for tax year 2022.

Payroll 52
article thumbnail

How to handle remote employee time tracking

BMT Office Administration

Prior to 2020, only 6% of all employees worked remotely. After the COVID-19 pandemic, that number jumped up to 13% and only continued to rise. In particular, higher-ups need a reliable way to monitor the productivity & work hours of their remote workers. Frees up office space. It boosts productivity. Why is that?

Payroll 52
article thumbnail

Business finance: The ultimate guide for non-finance people

BMT Office Administration

In particular, traditional business financing options like bank loans have been declining since 2020 — where they fell 6% from 2019 (43% to 37%, respectively). The catch is that a business’s fiscal year does not have to line up with the traditional calendar year. Why is that?

Finance 105