Employers covered by the Fair Labor Standards Act are required to pay nonexempt employees for all hours worked. It sounds simple enough, but many people fail to understand all the forms an hour of work can take. Not understanding the nuances of this principle can lead to payroll mistakes. Below are some pitfalls to avoid. … Read more
Most companies spend 20% to 30% of their annual revenue on payroll. The exact amount varies based on the employer’s size, industry, and staffing and operational needs. In some industries, such as service, it’s not uncommon for payroll to encompass up to 50% of revenue. For other industries, such as manufacturing and food and beverage, … Read more
Wondering what your options are to reduce spending and increase income? Here are some tips: Organizing your finances is the foundation for financial success. Receipts scattered? Can’t keep up with payments that are due? Missed payments result in late fees and interest charges, and all those do are increase the overall amount to be paid … Read more
Do you ever wish you didn’t have to go through the hassle of preparing a payroll? Maybe it was simple when you just had one or two employees, but your company is growing and it’s becoming more complex. Some companies have a dedicated payroll manager—but that can be expensive. Other businesses have found find it … Read more
You can allow an employee to work two different jobs for your company. However, under the FLSA, you cannot classify an employee as both exempt and nonexempt — it must be one or the other. To know which one to use, you must first combine all of the employee’s job duties into one. Considering the … Read more
Unemployment income has always been taxable income. Those who apply for unemployment benefits can have federal tax, and any applicable state tax, withheld, but whether it’s done check by check or in a lump sum, the recipient has to pay. However, because 2020 was such a difficult year, the federal government granted a limited break. … Read more
