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Payroll is a top priority for any business. By the same token, business leaders want payroll to be easy and hassle-free, so they can concentrate on growing their businesses. But there’s a lot of behind-the-scenes work involved to make the payroll process seamless from start to finish. And those payroll mistakes can be costly.
The most obvious concerns stem from the legal issues surrounding your current state’s laws and how different the laws are in your new location. Before you start to pack any boxes, obviously, it’s wise to consult legal counsel. How might taxes, payroll and your company’s relocation impact your business?
As a co-employer, the PEO you choose will ultimately take responsibility for payroll processing, providing workers’ compensation insurance coverage, providing an employee benefits package and a host of other sensitive human resources (HR) and administrative tasks. Is the plan fully insured, or self-funded?
Everyone wants less expensive benefits and insurance (and without having to scale back on coverage). These opportunities are examples of soft cost savings that often come with HR outsourcing , and they often help employers more adeptly run their business.
Payroll can be one of the biggest expenses for your business so doing it right is important. Here are some important factors to consider before recording and filing your payroll taxes. Federal taxes you’re legally obligated to collect. You are only responsible for payroll taxes for employees. Social Security.
In a nutshell, a PEO is an organization that enters into a co-employment relationship with your company, assuming many of your employer-related HR responsibilities, such as payroll and benefits. Working with a PEO can decrease your payroll-processing and related accounting costs. So, where are the savings? Retirement plans. Recruiting.
A professional employer organization, or PEO , is an HR outsourcing option for organizations to help assume the most time-consuming HR task and employer liabilities, such as payroll and benefits. What makes a PEO relationship unique is the contractual allocation and sharing of employer responsibilities.
Running a business means managing a ton of moving parts; payroll is just one of them. With so much going on, even within the payroll process itself, it’s easy for business owners to slip up. Keep an eye out for these payroll faux pas: 1. By using an automated payroll processing system, this oversight can easily be avoided.
At the end of the day, do you experience hefty payroll problems ? Get the help you need to: Provide employee access to big-company benefits – When outsourcing, everything from medical health insurance and dental and vision coverage to adoption assistance and training and development resources are in reach. Technology.
The legal liability for data breaches and failure to comply with data privacy laws can incur prohibitive costs, including fines and penalties. A detailed inventory of sensitive company data should include an analysis of: Data on HR systems, like payroll, health and retirement benefits , employee records, etc.
Co-employment is the legal structure that professional employer organizations (PEOs) and their client companies use to share HR responsibilities. If you rely on independent contractors, they will fall outside of your co-employment relationship with a PEO and outside of their payroll system. Payroll taxes. Hello, human error.).
This document does not serve as an official legal or tax opinion; rather, it presents Vantage Circle's interpretation of the current tax laws about the industry of employee recognition and tenure initiatives.
Paid family leave is funded through an additional payroll tax deduction and offers 50 percent of employees’ base wages up to a certain amount in 2018, with gradual increases to 67 percent of average weekly earnings by 2021. The state provides a weekly deduction calculator so companies can estimate payroll deductions.
Once businesses reach the 50-employee threshold , expand into other states and municipalities or hire remote employees who reside elsewhere, they can be subject to more legal and regulatory complexities. How can midsize businesses benefit from PEOs?
Most small businesses focus on their product/service team and sales staff in the early years, but someone still needs to run payroll and handle onboarding for new hires. This includes things like payroll administration, employee benefits , HR compliance, and talent acquisition. How does HR Outsourcing work for small businesses?
Are you meeting all the regulations and requirements for documentation, insurance and more? Is your company meeting all the legal requirements as an employer? This typically involves a team responsible for people management, setting up benefits and payroll , helping with the company’s culture and making sure compliance is being met.
In any case, you should notify payroll to make them aware of any changes to your employee's salary during the leave. Short-term disability insurance and long-term disability insurance are both designed to provide replacement income to your employees in the event they’re unable to work due to injury or sickness.
Find out if the PEO’s payroll and HR specialists have strong professional training or certifications as well as practical experience. A history of working in these various legal and regulatory environments is ideal. Do you carry employment practices liability insurance (EPLI)? Is the plan fully insured, or self-funded?
Also, you’re legally obligated to retain these records for at least one year by the EEOC. Employee performance records While it’s essential to include performance records to monitor and analyze your employee’s productivity — there’s no legal obligation here. Here’s what you’ll need to include in your confidential employee files.
Ensure you check out your legal requirements and get these down. Insurance is key too, employee liability insurance, public liability insurance if members of the public come to your office/workplace and perhaps directors and officers, professional indemnity and contents insurance.
Today, Gusto , a payroll and HR software platform for small businesses, rolled out a new AI “assistant” named “Gus” that promises to simplify compliance and save companies from crushing fines. She was the insurance biller, or she ran the payroll, and I observed her calculating the payroll taxes by hand,” he says. “She
Find out if the PEO’s payroll and HR specialists have strong professional training or certifications as well as practical experience. A history of working in these various legal and regulatory environments is ideal. Do you carry employment practices liability insurance (EPLI)? Is the plan fully insured, or self-funded?
Reduced payroll and accounting costs. Companies that enter into a co-employment relationship benefit from a decrease in the cost of employer payroll processing and related accounting costs. A poorly compiled and/or incomplete handbook is not only unprofessional, it can create legal liabilities as well.
Pave the way for a sturdy, comprehensive and legally sound employee handbook that fits your organization’s needs by including these six essential documents. Furthermore, it helps you cover a few more legal bases by explaining payroll deductions, overtime, the Family and Medical Leave Act, workers’ compensation, COBRA health coverage and more.
From payroll to personnel, day after day the stacks and stacks of paperwork soak up valuable time and resources. Small businesses generate less revenue for benefit providers, such as health insurance and retirement services. As a PEO client, you’re no longer solely responsible for employee-related legal issues.
In any case, you should notify payroll to make them aware of any changes to your employee’s salary during the leave. Short-term disability insurance and long-term disability insurance are both designed to provide replacement income to your employees in the event they’re unable to work due to injury or sickness.
Since companies pay less in payroll taxes for independent contractors versus employees, the government is determined and quick to identify mislabeled workers. Note: Classifying workers as independent contractors or employees is a complex legal and tax issue. per hour level. Classification: employee or independent contractor?
Benefits, such as medical insurance and retirement plans, are commonly a major incentive for job candidates. Fielding tasks such as payroll processing, writing job descriptions and coordinating benefit packages regularly require undivided attention. Here are five ways a PEO can help resolve some of your most frustrating HR struggles.
This article appears in the September 2024 issue of SUCCESS+ Magazine. Photo by PeopleImages.com – Yuri A/Shutterstock The post Want To Be a Freelancer?
Can my boss legally pay me through PayPal? Originally I was being payed though a payroll service with direct deposit. At some point, my boss claimed this payroll service was too complicated to use for his contractors and he would be switching to PayPal. Is this legal? I am charged this fee. They take it out of my wages.
For example, the Wave Advisors program provides bookkeeping support and one-on-one accounting and payroll coaching. Each company offers free support, but this support varies by hours and by type (phone, video, chat or email). Some even offer additional help for a fee.
industry more than $300 billion a year in absenteeism, turnover, diminished productivity, and medical, legal and insurance costs. Rosch added that Albrecht’s calculations did not include the cost of accidents, diminished productivity, direct health insurance, medical, legal and workers compensation costs.
industry more than $300 billion a year in absenteeism, turnover, diminished productivity, and medical, legal and insurance costs. Rosch added that Albrecht’s calculations did not include the cost of accidents, diminished productivity, direct health insurance, medical, legal and workers compensation costs.
During this time, the HR representative will lead the employee through a process that legally exits him from the company and gathers his institutional knowledge for whoever will be filling his shoes. Inform payroll and IT about the employee’s exit. The offboarding will conclude with an exit interview.
This document does not serve as an official legal or tax opinion; rather, it presents Vantage Circle's interpretation of the current tax laws about the industry of employee recognition and tenure initiatives.
Keep in mind, too, that as a contractor you’d be responsible for your own payroll taxes, which means you’d be taking home less money at the end of the day, unless your employer was willing to pay you more money cancel that out. And in the meantime, the company has not updated my address in payroll, so I am not paying into payroll taxes, etc.
You could also consider starting an employee resource group dedicated to mental health issues at work, where you could work with others to do things like advocate for better mental health benefits through your company’s insurance. I’m in my third week at my new job in an entry-level payroll position. Is that legal?
I know that this benefits the company in that it would decrease its monthly costs (benefits, payroll taxes, etc.). Otherwise, it’s a bad deal — as you point out, you won’t be getting benefits (and keep in mind that includes paid time off, not just insurance) and you’ll be responsible for your own payroll taxes.
He said if I only waived health insurance could he offer $60k. They can’t just decide to make you a 1099 contractor without restructuring the job; there are legal restrictions on how contractors must be treated. (See more here.). I’m a bit upset because my current employer is wonderful and has a great benefits package.
Many of them will also need to put a huge portion of that money toward health insurance if they’ve been kicked off their employer’s plan (people may be eligible for COBRA, but that can be really expensive). Is this legal? You could say, “I’m happy to help out, but I want to make sure we do it legally so we don’t get in trouble.
He should, of course — he presumably sees the company’s payroll and knows what people are making. Legally they shouldn’t do it — under the Americans with Disabilities Act, any inquiry about an employee’s heath or medical condition must be “job-related and consistent with business necessity.” What are your thoughts?
He said that he didn’t want to do that because the daycare is a benefit provided by my employer, and it would be comparable to me trying to set up health insurance through his employer. It wasn’t like he would be asking about payroll deduction or anything related to my job. Which one of us is right? This is a daycare.
Also, when do you suggest asking about health insurance and medical leaves? Wait to ask about insurance and parental leave until you have an offer. They told me that the salary would be above what was in the ad because I would have to get my own heath insurance. The first thing is that this may not even be legal.
A resume isn’t a legal document that’s supposed to be a comprehensive account of every job you’ve ever held; the point is to show how you’re a strong candidate for the job you’re applying for, and having held a job for a week is never going to do that. A big deal if he wants to teach or coach. No, you’re right to be annoyed.
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