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Ensuring payroll compliance in 2024: What’s new?

BMT Office Administration

Maintaining payroll compliance is a must for accounting departments, but it’s often easier said than done. That’s especially true whenever new changes come about, and 2023 was a year rife with new payroll regulations, trends, and initiatives. From the implementation of SECURE 2.0 From the implementation of SECURE 2.0

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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 If you’re wondering whether you’re ready to outsource, the following tips and examples should be helpful: Deciding what to outsource.

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

BMT Office Administration

Examples of nonemployees are contract workers, freelancers, or sole proprietors that you have done business with. For example, a graphic designer employed as an independent contractor would likely use their own computer and design software whereas employees often have work devices and any necessary software program subscriptions provided.

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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. Examples: contributions to IRAs and forfeited penalties on early withdrawals of savings and interest paid on student loans. Total income is the broadest measure of income.

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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. Here’s an example, assuming this business owner has support staff. Monthly Hours.   75%.

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