Remove Banking Remove Government Remove Salary
article thumbnail

How to set up a payroll process: 10 steps

Insperity

Not only do you have to figure out the proper way to pay your people, you have to withhold the appropriate taxes, deposit them and report them to the government. Also, there are some states and local governments that require separate ID numbers in order to process taxes. Executive, administrative and professional exemption.

Payroll 262
article thumbnail

HR technology trends for 2017: Curing government compliance concerns

Insperity

The new overtime regulation would have changed overtime eligibility for white collar, salaried workers earning less than $913 a week ($47,476 a year). It’s too complicated to “wing it” as you keep track of exempt and non-exempt, salaried and hourly employees , and who is eligible for overtime pay and various levels of benefits.

Insiders

Sign Up for our Newsletter

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

Trending Sources

article thumbnail

What are fringe benefits? What employers need to know

Insperity

Though you don’t withhold taxes for these parties, you may need to report the benefit to the government using one of the following forms: IRS Form 1099-NEC for independent contractors IRS Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc. Independent contractors you hire for a specific job can be recipients.

Banking 255
article thumbnail

Comp time vs. overtime – What you need to know

Insperity

The Fair Labor Standards Act (FLSA) governs what employers must do under federal law. Using the same logic, some people think salaried employees are automatically considered exempt from overtime, but neither of those beliefs is necessarily true. In many cases, overtime pay is the only option. Define your rules and stick to them.

Legal 197
article thumbnail

Business owner beware: FLSA compliance and personal liability

Insperity

In fact, when considering lawsuits about back wages, the federal government has the authority to deem a business owner an “employer” if certain criteria are present under the Fair Labor Standards Act (FLSA). Except in rare instances, such as with government agencies, it’s probably best to avoid comp time altogether to be safe.

Legal 187
article thumbnail

The Financial Benefits of Thinking Like an Entrepreneur

Success

I wasn’t keen to leave a lot of money sitting in a bank account earning minimal interest. According to him, the entrepreneur has unlimited upside with limitless earning potential, while a job is fixed with a salary and maybe a bonus. Through those tests, I learned how to make a sustainable income. And you can’t learn until you try.

Banking 119
article thumbnail

How to address employee pay in your inclement weather policy

Insperity

A retail bank, with operating hours of Monday through Friday, 8 a.m. So, it’s important for you to be aware of any applicable state laws that govern how non-exempt employees are paid in such circumstances. Your unique business operations will drive what’s needed in your inclement weather policy.

Payroll 142