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If you have employees, you need to compensate them. And if you do, you need to know if those other wages count as compensation. Knowing what is compensation is a key part of putting […] READ MORE. So, you set an hourly rate or salary. But, you might also give other types of wages to your employees.
Workers’ compensation insurance protects you by reimbursing employees when accidents take place. But, employees, employers, and even health care providers can take advantage of the system by committing workers’ compensation fraud. When an employee gets a work-related injury or illness, your business could be on the line.
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As an employer, you may give employees several types of compensation, including direct compensation. So, what’s direct compensation? What is direct compensation? Direct compensation is the monetary benefit a business offers its employees in return for their service. And, what are the different types?
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No matter what type of business you run, there’s a chance employees could get hurt or sick. They might slip on a wet floor, fall off a ladder, cut themselves with a blade, or get in a car accident while running a business errand. Because your employees can become hurt or sick in numerous ways, […] READ MORE.
Finally, OnPay helps with employee benefits and workers’ compensation administration. The workers’ compensation insurance is fully integrated with the payroll, and premiums are deducted with each run. Businesses in these states are not required to purchase workers’ compensation insurance directly from the state.
PatriotSoftware – Best Value for Small Businesses. Of the providers on this list, PatriotSoftware’s online payroll wins hands down on the cost front. So the biggest question for Patriot is if having to deal with payroll taxes is worth about $240 a year. That isn’t to say Patriot is bad.
You may have heard the phrase “If you have time to lean, you’ve got time to clean.” It’s a saying beloved by managers across the country and cuts to the core of the nonexempt employee/wage relationship. Nonexempt employees get paid because they work for a certain period of time. But what if an employee is […] Read More.
If you want to pay an employee supplemental compensation, such as a bonus or a relocation payment, you must withhold payroll taxes just like with regular wages. But, what if you want an employee to receive a specific amount after taxes? That is when you gross-up payroll figures. And to do that, you need to […] READ MORE.
Having workers’ compensation insurance isn’t only a smart business move—in most cases, it’s a required one, too. But doling out lump sum payments for workers’ compensation premiums can take its toll on your business. Workers’ compensation insurance basics What is workers’ compensation?
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Then, at the end of the pay period, you will calculate employee compensation. If you have nonexempt employees, you have to pay them overtime wages whenever they work overtime hours. In each pay period, you need to track employee time worked. You will also have to withhold employment taxes.
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If you’re an employer in the state of New York, you may have heard of the Employer Compensation Expense Tax (ECET) that started in 2019. But, did you know that the ECET, established by the Employer Compensation Expense Program (ECEP), is optional?
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Many nonprofit organizations have employees and they are well compensated for their work. Nonprofits tend to attract and retain top talent by giving their employees compensation that is similar or equal […] READ MORE. This isn’t always true.
With workers compensation insurance, experience rating modification allows a group of businesses to share the risk of undergoing a loss. The average rate of illness or injury at the workplace can affect employers’ insurance costs.
And, many businesses had or have pay secrecy policies to prevent employees from talking about their compensation. For many years, it was typical for employers to discourage discussions about pay in the workplace. Nowadays, pay transparency is on the rise to help combat gender inequality at work.
If you have employees who work in hazardous conditions, you may want to give them additional compensation for performing dangerous job duties. This is where hazard pay comes into play. Learn all about hazard pay, whether or not it’s mandatory, and how to create a hazard pay policy. What is hazard pay? Hazard pay is […] READ MORE.
What is internal equity compensation? When it comes to your business, one of your goals is likely to attract and retain top talent. One way you can do this is by looking at your internal equity. But, what is internal equity? And, what does it have to do with equal pay? Internal equity boils down […] READ MORE.
When you hire a full-time employee, it’s important to offer attractive benefits in their compensation package. They can speed up operations, come up with innovative ideas, and free up your time. Do part-time employees get benefits, too? What is a part-time employee? Before determining part-time […] READ MORE.
Deferring compensation is one strategy employees can use to reduce their tax liability. Qualified and nonqualified are the two types of deferred compensation plans. Qualified vs. nonqualified plans Qualified and nonqualified deferred compensation plans are both employee benefits for small business.
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In this article, we’ll go over: What compensation is subject to withholding? If so, you might have heard about House Bill 2526, a 2023 law that significantly cut individual income tax rates. As a result, your West Virginia income tax withholding might look a little different. Employers are […] Read More
But, do you need to compensate employees for the time they spend resting and eating (aka are breaks required by law to be paid?). We all need to rest and eat—including your employees. To answer this all-important question, you need to know employee break laws. Read on to learn: Federal break laws for meal and […] READ MORE.
Finally, OnPay helps with employee benefits and workers’ compensation administration. The workers’ compensation insurance is fully integrated with the payroll, and premiums are deducted with each run. Businesses in these states are not required to purchase workers’ compensation insurance directly from the state.
Finally, OnPay helps with employee benefits and workers’ compensation administration. The workers’ compensation insurance is fully integrated with the payroll, and premiums are deducted with each run. Businesses in these states are not required to purchase workers’ compensation insurance directly from the state.
But, what is variable compensation exactly? As an employer, you want to see your employees succeed and grow along with your company. To reward employees for great performance, you may decide to give them variable pay. What is variable pay?
Their working time should be compensated. But, when nonexempt employees are not doing their main job duties, it can be more difficult to tell if they are working and if they should be compensated. When nonexempt employees are doing their primary job duties, it’s easy to tell that they are working.
If you are not familiar with Box 12, there are currently 26 codes to report certain compensation and benefit amounts. Each year, you need to file Form W-2 for your employees. You might need to use Form W-2 Box 12 codes to accurately fill out Form W-2. The codes range from life insurance coverage to […] READ MORE.
Employee benefits are an important part of compensation. The small business employee benefits you can offer are endless. Benefits include common benefits such as health insurance and unique benefits such as catered lunches. You want to offer the right benefits to attract and retain employees. So, how do you know which benefits to offer?
There are various methods to compensate employees, including hourly, salary, and commission pay. But, are you familiar with piecework pay? Learn more about what is piecework, piecework laws to follow, and how to calculate piecework pay. What is a piecework?
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PatriotSoftware – Best Value for Small Businesses We have already discussed that the biggest obstacle to moving past manual payroll is cost. Of the providers on this list, PatriotSoftware’s online payroll wins hands down on the cost front. If it is, then PatriotSoftware is an excellent choice.
PatriotSoftware – Best Value for Small Businesses We have already discussed that the biggest obstacle to moving past manual payroll is cost. Of the providers on this list, PatriotSoftware’s online payroll wins hands down on the cost front. If it is, then PatriotSoftware is an excellent choice.
The 3401(a) compensation definition […] READ MORE. If you offer retirement plans, it’s time for your crash course. Get the lowdown on what 3401(a) wages are, how they work, and other 3401(a)-specific rules. What are 3401(a) wages?
Employee compensation laws for donning and doffing. Compensating your employees for donning and doffing depends on your type of business, company policies, and whether or not you have an agreement or contract. Check out laws pertaining to employee compensation for donning and doffing below. Integral activities.
You may use a few payment methods to compensate employees. There are a number of supplemental wages you can use to compensate employees. Retroactive pay is compensation that you owe an employee from a previous pay period. Paying retro wages is mandatory because the employee is entitled to the compensation you neglected to pay.
And, many businesses had or have pay secrecy policies to prevent employees from talking about their compensation. For many years, it was typical for employers to discourage discussions about pay in the workplace. The post Is Your Business Breaking the Law With Pay Secrecy Policies?
And on top of your payroll responsibilities, you might also need to get workers’ compensation coverage. Washington state employers needing to get workers’ compensation must learn about Washington Labor and Industries regulations, exemptions, and rates. Read on to learn all about […].
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