Starting a business means learning a *ton* of new things, and payroll terminology can feel like a whole new language. Knowing a few key terms can save you time, money, and a lot of headaches. Here’s a quick breakdown of some basics every business owner should know. Gross Pay vs. Net Pay: Gross pay is [...]
The Fair Labor Standards Act (FLSA) establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. The Wage and Hour Division (WHD) of the U.S. Department of Labor (DOL) administers and enforces the FLSA with respect to private employment, [...]
Here are the Federal Reserve Holidays for 2025. All banks and other financial institutions (including payroll bureaus) are closed.
Here are the 2025 updates for Social Security, Medicare, and MA PFML taxes:• 6.2% Social Security tax on the first $176,100 of wages (6.2% × $176,100 makes the maximum tax $10,918.20).• 1.45% Medicare tax on the first $200,000 of wages.• 2.35% Medicare tax (regular 1.45% Medicare tax plus 0.9% additional Medicare tax) on all wages [...]
The following dates are PayPlus and Federal Reserve Bank holidays for 2025: Wednesday, January 1st New Year’s Day Monday, January 20th Martin Luther King, Jr. Day Monday, February 17th Washington’s Birthday Monday, May 26th Memorial Day Thursday, June 19th Juneteenth Independence Day Friday, July 4th Independence Day Monday, September 1st Labor Day Monday, October [...]
First off, timely and accurate pay shows your employees you respect their hard work. No one wants to chase down payroll errors or deal with delayed checks. Getting it right every time means they can count on their paycheck and focus on their job, not fixing mistakes. Payroll also plays a role in transparency and [...]
On April 26, 2024, the U.S. Department of Labor (Department) published a final rule, Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees, to update and revise the regulations issued under section 13(a)(1) of the Fair Labor Standards Act implementing the exemption from minimum wage and overtime pay requirements for [...]
US Department of Labor recovers $77K for 5 employees denied prevailing wages at federally funded construction project in Massachusetts Two subcontractors barred from obtaining federal construction contracts for 3 years A U.S. Department of Labor investigation has recovered $77,206 in back wages for five workers employed on a federally funded construction project after finding one subcontractor [...]
As the end of the year approaches, it’s time to get your payroll in order! A year-end payroll checklist can help you wrap up the year smoothly, avoid mistakes, and start the new year on a strong footing. Here’s your guide to finishing the year without a hitch. 1. Verify Employee Information Make sure all [...]
Payroll mistakes might seem small, but they can quickly add up and take a big chunk out of your bottom line. One of the most common (and costly) errors? Misclassifying employees. If you’ve got independent contractors listed as employees (or vice versa), you could face fines, back taxes, and penalties. Then there’s the issue of [...]
