Who’s there to organize the office organizer? Business Management Daily helps admins with dealing with bosses, records retention, and other key tasks.
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401(k) plans are defined contribution plans used to fund retirement benefits. 401(k) plans are customarily funded through employees' pre-tax deductions, up to an annual limit that is determined by the IRS. Employees who max out on their pre-tax contributions, and who will turn 50 before the end of a calendar year, can make additional catch-up contributions on a pre-tax basis. Payroll executes this withholding. Once withheld, the Employee Retirement Income Security Act (ERISA) requires that employees' contributions become plan assets at the earliest date on which those contributions can reasonably be segregated from the employer's general assets. The outside limit is the 15th day of the month following the month during which the withholding occurred. 401(k) plans must pass non-discrimination tests; plans that fail the tests may have their tax-qualified status revoked. Employees who borrow from their 401(k) plans usually pay those amounts back through withholding. In addition, auto-enrollment 401(k) plans automatically enroll employees, who must opt out of the plan to receive their full salaries. Special W-2 reporting rules
apply to employees' pre-tax 401(k) contributions.
Round out your summer schedule by making time to perform these general payroll maintenance chores and early year-end tasks:
What’s your reputation at work? Chances are, everyone in your office has a “rep.” The Chirpy One. The Sloppy Dresser. The Bad Breath Guy. Fairly or unfairly, we tend to label people in our minds—and those labels change the way we treat our co-workers.
Great minds don’t always think alike, a new OfficeTeam study suggests. Work styles vary based on personality traits, communication preferences and organizational methods.
Round out the summer with one (or more) of these book selections ideal for admins: Toxic Workplace! Managing Toxic Personalities and Their Systems of Power; Making Peace With Your Office Life; Women, Work & the Art of Savoir Faire; What Men Don’t Tell Women About Business; Back to School for Grownups.
In sharp contrast to optimistic forecasts that technology would rid your company of the “paper monster,” computers seem to have exacerbated the problem. Now, you’re sending, receiving and storing information electronically and printing copies—lots of copies. You may be able to live with the mess, but what will happen someday if you need to get your hands on one of those documents?
You want to make every hour count, so you plan your day in 15-minute chunks and prioritize your tasks. That’s smart time management, but it doesn’t guarantee you’ll work productively.
What are you afraid of? Speaking your ideas? Having a difficult conversation? Those cruel dressing-room mirrors during swimsuit season? Well, don’t let the fear of crowds or mirrors stop you. Pushing through the fear is a necessary rite of passage.
There's no sense in becoming a pack rat if you don't need to. While the legal requirements to retain records are complex, you're probably safe in dumping those 1984 vacation-day requests. Still, knowing which records to save or toss can be critical to your business, particularly in defending against a lawsuit.
Question: The cost of health insurance premiums paid by an employer on behalf of 2% S corp shareholders is reported in Box 1 of their W-2s. Must we withhold federal income taxes on this amount, or can we report it without withholding taxes?