It’s 1.5 times regular pay now, but countdown will soon begin In Massachusetts, retail employers are saying a slow goodbye to overtime pay for Sunday and holiday work. Here’s what you need to know, with the following changes occurring on January 1: 2019 – 1.4 times regular pay 2020 – 1.3 times regular pay 2021 [...]
Profit-sharing plans: Company owes back wages for ignoring the rules Keys to Making sure programs hold up to federal scrutiny Profit-sharing plans are an excellent way to keep employees invested in a company’s success. But compliance issues can be costly for employers. One Indiana lawn care company learned this firsthand. Precision Cut Lawn Service gave [...]
Is it taxable? Guidelines for treating certain awards and gifts as income Rewarding employees for length of service, holidays The year’s winding down, which means you’ll be working on W-2s soon. So now’s the time to make sure employees’ taxable income is correct. It’s especially important for you to keep track of any length-of-service awards [...]
Deb Moss, HR manager, for The Echo Group Inc., Council Bluffs IA writes of a better way to send paystub to employees. Although most of our employee were getting paid with direct deposit, we were still sending them paper paystubs through the mail. Employees wouldn’t always get their paystubs in a timely manner, or if [...]
More employees underwithheld for 2018, says IRS: How Payroll can help Over one-fifth of workers may now owe taxes to IRS Underwithholding taxes from employees’ pay is a significant problem, and it’ll likely get worse going forward. According to a report from the U.S. Government Accountability Office (GAO), the percentage of Americans who aren’t withholding [...]
The IRS announced the new contribution limit for health flexible spending arrangements (FSAs) later than usual this year, which life a little harder for employers.For 2019, the FSA voluntary contribution limit is $2,700, a $50 increase from last year.Best 2 optionsThe limit was released after many companies already closed their open enrollment periods for next [...]
IRS releases 2019 contribution limits: What’s vital for Payroll Latest figures for 401(k)s and other retirement plans The IRS has officially released the 2019 cost-of-living adjustments to the dollar limits for contributions to qualified retirement plans. Here’s the info you’ll need to know when making deductions from employees’ pay to fund these plans as of [...]
Get ready: The SSA just announced the taxable wage base for 2019. Maximum taxable earning will rise to $132,900 – a $4,500 increase from the 2018 wage base of $128,400. The tax rate will remain at the amount set by law: 5.2% for both employers and employees. Numbers to know Given the current [...]
Keys to Making sure programs hold up to federal scrutiny Profit-sharing plans are an excellent way to keep employees invested in a company’s success. But compliance issues can be costly for employers. One Indiana lawn care company learned this firsthand. Precision Cut Lawn Service gave employees flat salaries with no overtime [...]
Unique way to help workers enrolled in plan. The IRS just gave the green light to a new type of 401(k) contribution strategy to help workers who are paying back student loans. Here’s the latest guidance from the agency, along with how this type of plan would impact Payroll. Program [...]
