article thumbnail

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?

Payroll 52
article thumbnail

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

BMT Office Administration

1099 workers also are not generally paid through regular payroll and do not typically have taxes withheld from their checks or deposits. If you are paying someone through your normal employee payroll process with income tax withholdings, you typically need to send them a W-2. Medical and health care payments. Control number.

Payroll 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Business finance: The ultimate guide for non-finance people

BMT Office Administration

Businesses have to incur lots of expenditures just to operate, including payroll , acquiring assets like vehicles & real estate, and day-to-day expenses (like a restaurant maintaining their inventory of condiments, food ingredients, and beverages). Primarily, if your business venture fails, you’ll lose your entire retirement fund/401k.

Finance 105
article thumbnail

Standard Operating Procedures: Tips for Creating Business Systems | Office Organization & Office Efficiency | OfficeArrow

www.officearrow.com

Buyers Guides Templates Webinars Podcasts Videos Articles Twitter LinkedIn Facebook Email RSS Business Management Business Management Strategies & Workplace Communication Michelle Burke: Communication Strategist Legal Compliance & Regulatory Guidance Office Technology Office Supply & Equipment Reviews Computer & Software Help The Software Pro Travel (..)

article thumbnail

Income taxes explained in 7 simple concepts

BMT Office Administration

Examples: employer contributions for health insurance and to retirement benefits. It includes wages, salaries and tips; interest and dividends; capital gains; and pensions and annuities. Gross income doesn’t include income excluded from tax.

Filing 52