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Summer hiring guide: The legalities of employing teens & family

BMT Office Administration

As many of these young workers may be taking on their first job, employers must remember some important payroll considerations. First-Job Jitters It’s natural for employers and young employees to experience some jitters regarding payroll. No Job Guarantee: Interns should not expect a paid position after the internship.

Legal 97
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Hiring contractors can fill staffing holes, but beware

BMT Office Administration

The date by which the freelancer will submit a list of services provided to the payer to meet the payers internal processing deadlines is stated. Other considerations Contractors dont go on the payroll , and if you pay them at least $600 in cash, you must provide them with Form 1099-NEC and file the form with the IRS by Jan.

Payroll 59
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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

Payroll 52
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5 SOP examples for your business

BMT Office Administration

In order to produce more consistent results and streamline your internal operations, it can be beneficial to create standard operating procedures for everyone to follow. Conduct the HR orientation to orient the new employee with the timekeeping and payroll software , necessary paperwork, and internal resources. ATS user guide.

Payroll 72
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It’s time to review (or create) your document retention policy

BMT Office Administration

As a starting point, consider what these organizations say about some major types of records to keep and for what length of time: Per the Internal Revenue Service : The length of time you should keep a document depends on the action, expense, or event which the document records. Requirements may prove surprising. Per the U.S.

Policies 105
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. A W-2 is a tax form that businesses send to their employees as well as the government. What is a W-2? What is a 1099?

Payroll 52
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Benefits of outsourcing HR for small businesses

BMT Office Administration

Most small businesses focus on their product/service team and sales staff in the early years, but someone still needs to run payroll and handle onboarding for new hires. This includes things like payroll administration, employee benefits , HR compliance, and talent acquisition. How does HR Outsourcing work for small businesses?

Payroll 52