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Stay on track with this payroll compliance checklist

BMT Office Administration

Payroll compliance is no small task. Everyone knows that executing payroll accurately and on time is important, after all everyone wants to get paid for their world. However, there is also a lot more that goes into proper payroll processing including a large number of compliance functions and concerns.

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Business finance: The ultimate guide for non-finance people

BMT Office Administration

While this may seem complicated at first glance, it becomes easier to grasp when you understand a few key concepts about financial management. 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 good news?

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

BMT Office Administration

It can also help to look at whether the worker is reimbursed for expenses incurred while completing the work. Some expenses may be included on independent contractor invoices, but the basic tools or programs required to complete the work are often provided by the contractor. Booth copies must be sent out by January 31.

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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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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., It’s payroll -friendly, too! One payroll -friendly aspect of the assistant is the section— Are My Wages Exempt From Federal Income Tax Withholding?

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Do You Know Your Lifestyle Ratios?

Stephanie LH Calahan

Each month, you may anxiously await the reports that provide the numbers that help you manage your business.    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.  For interest income, it is likely to be very little.

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Income taxes explained in 7 simple concepts

BMT Office Administration

Examples: employer contributions for health insurance and to retirement benefits. Examples : the credit for child and dependent care expenses. The post Income taxes explained in 7 simple concepts appeared first on Business Management Daily. Gross income doesn’t include income excluded from tax.

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