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5 Steps to Building an Employee Benefits Program That Won’t Break the Bank

Insperity

Take these steps to start building an employee benefits program that won’t break the bank. Unemployment insurance. Disability insurance (required in California, Hawaii, New Jersey, New York, Puerto Rico and Rhode Island). Life insurance premiums are typically affordable for most businesses. Articulate additional perks.

Banking 136
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How to set up a payroll process: 10 steps

Insperity

These are salaried employees who are not eligible for overtime compensation. Whether you have hourly or salaried employees, you must figure out who is getting paid what amount. Next up, consider any “fringe benefits,” such as: Health insurance Life insurance A retirement plan An employee stock purchase plan.

Payroll 262
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Do I Need to Buy Life Insurance?

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Buying life insurance isn’t usually fun, but it can be vital to your financial plan. If there are people in your life who rely on your income, life insurance can be essential to ensure that they are protected. Figuring out whether you need life insurance and what type that will work best for your family can take some thought.

Insurance 105
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What are fringe benefits? What employers need to know

Insperity

Remember: What people are really looking for in an employer of choice is not just a base salary. By creating a thoughtful fringe benefits package, you can start to address those wants and not break the bank. They want a company that thinks about the whole person – emotionally, physically, developmentally.

Banking 255
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The Coronavirus Aid, Relief and Economic Security (CARES) Act: An employer’s guide

Insperity

Payroll costs generally include payments for: Salary, wages and commissions Payment of cash tips or equivalent Covered leave Separation allowances Group health care benefits, including insurance premiums Retirement benefits State or local taxes assessed on employee compensation. Loan process.

Security 245
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Business owner beware: FLSA compliance and personal liability

Insperity

And if you think insurance can shield you from such expenses, think again. In reality, employment practices liability insurance (EPLI), which may protect a business against claims made by employees in some areas, may not cover wage and hour issues. I build extra pay into employees’ salaries to make up for any overtime.

Legal 187
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Everything You Need to Know About Emergency Funds

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If you have dependents, heavy debt or access to other funds, like a partner’s salary or unemployment insurance, the amount you need to save will vary. Consider the minimum amount you spend each month on non-negotiable expenses like: Housing Food Utilities Insurance (health, car, etc.) How much should an emergency fund be?

Banking 119