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The acronym ERISA stands for "Employee Retirement Income Security Act." Learn about ERISA insurance with help from a top insurance attorney in this free video clip.
If you overpaid on FICA taxes through several different employers there are a few very clear steps that you have to take. Find out what to do if you overpaid on FICA taxes through your employer with help from a certified public accountant in this free video clip.
Adding payroll hours and minutes into a document in Excel will require the right use of the appropriate tools. Add payroll hours and minutes in Excel with help from a self-taught web developer in this free video clip.
Amano is a well-known name in employee time clock manufacture. The company, in business since 1896, has focused on time clock technology for most of its existence. Needless to say, a time clock needs to be precise and accurate; a malfunction can results in payroll discrepancies that can cost a company a great deal of money. It's important to inspect your Amano time clock regularly to ensure proper function. Repair the clock as soon as you notice a problem to prevent the glitch from getting worse and causing you unnecessary losses.
An employee time clock is very serious business - any tampering with said time clock can negatively affect a person's wages, which is highly frowned upon. Report a company for tampering with a time clock with help from a business consultant and marketing expert in this free video clip.
"Other income" and non-employee compensation are two different things in the eyes of the Internal Revenue Service. Learn the difference between "other income" and non-employee compensation with help from a business consultant and marketing expert in this free video clip.
OASDI/EE fees are important things to know when doing payroll tax. Learn what OASDI/EE fees are on payroll tax with help from a business consultant and marketing expert in this free video clip.
The statue of limitations on payroll tax depends on a few key things. Find out about the statute of limitations on payroll tax with help from an attorney in this free video clip.
Automatic Data Processing, Inc. (ADP) is a United States-based company that provides human resources equipment to small and large businesses. ADP's handpunch time clocks keep track of work hours for temporary employees from employee leasing companies. ADP time clocks can be used with other employee leasing companies if the ADP user contacts ADP and takes the necessary steps to change the time clock.
Stock-option compensation for outside directors impacts the value of a firm in a very direct way. Learn about the impact of stock-option compensation for outside directors on a firm value with help from a business consultant and marketing expert in this free video clip.
Early retirement disbursements and payroll taxes are very closely tied together. Find out about payroll taxes on early retirement disbursements with help from an investment adviser in this free video clip.
When you consider taking out a loan, you may know how much you want to borrow, but you may not know how long it will take you to pay it back. The interest you pay can extend the life of the loan, making it difficult to determine the total number of payments you will have to make. If you gather three figures, you can calculate your total pay periods in a matter of a few minutes.
The COBOL computer programming language defines all memory variables in the Data Division, one of four major divisions the language requires of every program. In the Data Division, each variable has a name, a size and a format. If a program needs to perform math on numbers, use the Comp-3 format, which stores numeric data in packed decimal form.
As of 2011, there were 27 states plus the District of Columbia that authorized compensation to individuals wrongfully jailed for crimes they did not commit. The amount of compensation an exoneree is entitled to differs from state to state. Nineteen of the states with wrongful incarceration compensation laws are silent on whether that compensation includes lost wages. But eight states explicitly allow exonerees to seek compensation for pay they lost while jailed.
Put the Microsoft Paint software, included in the Accessories folder with all Windows operating systems, to work as your own human resources, accounting and payroll departments. Use Paint to create custom pay stubs without any costly or proprietary software. With Paint you can completely customize a pay stub and then turn it into a template for quick turnaround with all of the employees on your roster. Because Paint files may be saved in electronic format, you’ll also have a record of your pay stubs to use for end-of-year planning or employee reviews.
When printing an AutoCAD project, sometimes your design can run to a large number of sheets. This can be a problem in offices with a shared plotting device, because anyone who wants to print one or two sheets quickly has to wait until your entire job prints. To get around this problem, AutoCAD sends projects to the printer in multiple files, each one containing only a single sheet of the design. If you check the plotter's status, you'll see several files in the queue. Occasionally, you may want to change this setting so your project is sent to the printer…
Most businesses use automated payroll software and systems in order to manage the payroll requirements of their business. SAP is a business management tool that allows you to effectively configure and manage all aspects of your business. Payroll configuration and management is one of the key modules within the SAP platform. The SAP-Payroll module contains many features and shortcuts that will make managing employee compensation easy.
Employee expense reimbursement is the process by which employees are compensated for money spent in service to a business. Employees are most frequently reimbursed for mileage and travel expenses, but may also be reimbursed for other work-related expenses. Depending on the situation and the institution, reimbursement may be made either through payroll or through accounts payable.
Film production is an art, much like painting or writing. Directors and producers convert the words of a screenplay into a visible medium for audiences to enjoy. The pay rate of a filmmaker depends upon the success of her films and the frequency at which she works. Successful filmmakers can potentially make millions of dollars for their work.
If your employer failed to provide you with a W-2, or you just can’t wait on your W-2 to file your taxes, you can estimate your W-2 based on your last pay stub. Employers are legally obligated to issue W-2 forms to their employees by February 14, according to the IRS. However, if you can’t wait to receive the form, you can still complete your tax return using your pay stub from the last pay period in December.
A prospective employer frequently searches into your career past when you apply for a new job. This usually includes calling a former employer for information about you. Most states have no laws forcing former employers to release information about you, says Jeff Shane of Hcareers. In most cases, prospective employers are merely requesting confirmation of when and where you previously worked.
General contractors bid on a large project and then hire subcontractors to perform sections of the job. Subcontractors may be paid a lump sum for the job or receive an hourly wage. While few laws apply to subcontractor pay, hourly pay creates a legal gray area in which federal and state agencies may consider subcontractors as employees of the contractor.
Payroll and depreciation are two separate entries in the accounting journal. In most cases, payroll and payroll taxes are entered and calculated before depreciation and other business taxes. Whether calculated and processed manually or using by payroll software, the process of completing payroll and configuring depreciation is quite similar.
Pension plans come in two types: defined contribution and defined benefit. Cash balance pension plans are considered defined benefit plans; they provide eligible employees with specific benefits at retirement age. A defined contribution plan, such as a 401k, involves contributions -- in specified amounts -- by an employer to a retirement fund/account. The primary difference is that, under a defined plan, the total benefit amount depends upon how much the employer contributed, in addition to market losses and gains. Conversely, a cash balance plan gives definition to the promised benefit in terms of the account's stated balance. This approach has…
The federal government's stipulated waiting period for a cash withdrawal from a 401(k) plan requires employers to comply with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974. According to the federal regulations, employers are not required to establish 401(k) or any other types of pension plans, but if they do, they are subject to ERISA and the Internal Revenue Code.
Employers often compensate workers in ways beyond paying wages or a salary, such as by providing fringe benefits like health insurance and retirement plans. Certain types of retirement plans -- like 401k plans, 403b plans and profit-sharing plans -- qualify for tax benefits, and the Internal Revenue Service, or IRS, limits contributions to such plans. An unfunded excess benefit plan is a type of retirement plan a company maintains to provide benefits in excess of the benefits allowed under plans that qualify for tax advantages.
Deferred employee compensation plans, formally known as Section 457 plans, help employees who work for sponsoring governmental agencies and nonprofit organizations save money for retirement. Your employer will withhold from your paycheck sums you specify and will then repay you the money upon retirement. Because the IRS considers 457 plans as either non-qualified or qualified for tax purposes, you must consider the tax implications of deferral, but you will usually benefit by deferring the maximum annual amount you can afford.
Funeral undertakers perform a valuable service for those that suffer the heartache that accompanies the loss of a loved one. Undertakers typically organize and arrange the preparation of the body, the funeral service and the burial method for the deceased. The pay rate for an undertaker depends on the complexity and frequency of funeral services for customers.
Employers are required to report tipped employees' wages to the IRS. Although bartenders, waitresses and other bar or restaurant employees receive tips designated for the individual employee, employees can only have proof of wages through reporting their earnings to employers, who then report the wages for income tax and payroll purposes. Subsequently, employers contribute to state unemployment funding through paying a percentage of tipped employee wages required by the Federal Unemployment Tax Act.
United States citizens and resident aliens are taxed on their worldwide income. However, qualifying U.S. citizens and resident aliens who live and work abroad may be able to exclude from their income all or part of wages earned abroad, or any amount received as compensation for personal services rendered while abroad. Individuals who earn taxable income abroad, whether they live in the U.S. or elsewhere, may be able to take a significant deduction on their income taxes. However, this deduction can impact other benefits, such as retirement credits.
Many industries use on-call employees as part of their business plan. For example, hospitals keep doctors on call, and apartment management companies keep their repair technicians on call for emergencies. The on-call rate differs from the hourly rate, since the job duties and employer expectations are different, but some companies choose to pay the same rate for both categories.
Options writers who own stock give buyers the right to exchange their options for stock if the share price reaches a certain point, called the strike price. An option is a contract that allows a buyer to purchase an asset at a certain price at a specific time. If an options writer writes a "call option," he bets that the stock will decrease in value. If the stock increases in value and goes above the stock price, he should usually take action to avoid substantial losses.
It’s becoming increasingly possible to launch business ventures that are entirely virtual. Some companies no longer have a brick-and-mortar office where employees come to work for eight hours a day. Many now connect their employees and their customers entirely electronically. While the technology exists, the rules in this new way of doing business are constantly evolving. One big question for e-businesses is whether to offer a benefits package similar to those of traditional companies.
The freeze on federal employee pay raises is part of a federal government initiative to control current employee costs and lower overall retirement pay for employees nearing retirement eligibility. The pay freeze does not have a significant impact on currently retired federal workers, though smaller contributions into the federal retirement system could mean a spike in health costs for retirees.
If your accounting period ends part of the way through your payroll period, you must determine the amount of wages you owe employees for the part of that payroll period that is in the current accounting period. Although you will pay the wages in the next accounting period, you must report the wages that you owe as an expense in the current accounting period. You can do this with an adjusting entry, which accounts for expenses that you have incurred but not yet paid. A closing entry resets an expense account to zero to prepare it for the next period.
The timer on a Cal Spa will keep the spa at your desired temperature for a specified amount of time. The timer has three separate modes: Standard, Economy, Sleep and Standby. Standard will maintain the desired temperature; Economy will heat the spa to the desired temperature during the filter cycles; Sleep heats the spa to within 20 degrees Fahrenheit of the set temperature during the filter cycles; and Standby is used before turning off spa functions before changing a filter. The timer should function with each mode but could be disengaged for several reasons.
Nonfarm payroll is defined by the U.S. Bureau of Labor Statistics as any payroll that is not issued in connection with farm-related activities or services. The term is used to separate the types of payroll received by employees in the United States during the Bureau of Labor Statistics' regular survey and reporting period. Essentially, nonfarm payroll is calculated in the same manner to which regular employers are accustomed.
Payroll can be one of the most challenging parts of operating a business. It can take a lot of time and money, especially when hiring temporary workers. One way to avoid this is to outsource part of the payroll work. One such outsourcing company is ABR Employment Services, which is the parent company for the Kinsa Group, which outsources workers in the food industry. ABR Employment Services handles payroll, worker's compensation, unemployment, taxes and benefits for small companies who do not have the time or resources to handle these matters in house for contract or temporary employees.
Activity stock options are tied to shares in companies but trade differently. Unlike shares of stock, options do not give you part ownership of a company. Nor are activity options long-term investments. You trade options based largely upon whether you expect the price of the company’s stock to rise or fall in coming weeks or months. Your losses or returns will depend upon price and timing.
Labor laws in Michigan and other states do not require employers to offer benefits, including health insurance, paid time off and paid sick leave, to employees regardless of hours worked. Federal laws applicable in Michigan do require the extension of certain benefits, including raises in hourly pay rates, for employees working over 40 hours during the workweek.
Most employers keep their workers in the loop concerning changes to their employment status, such as whether they are full-time or part-time employees, or changes to employee benefit plans. However, just in case some employers don't communicate frequently and openly with their employees, the federal government and California state government impose rules for employee notification.
Organizing financial documents and balancing company books can make tax season stressful for businesses, causing many to overlook key tax subsidies that they would otherwise be able to claim. Certain tax subsidies allow employers to deduct temporary employees who meet specific qualifications, while other tax subsidies allow temporary workers to deduct their own business-related expenses.
A bounced paycheck is not good for business and will quickly alienate your employees. A bounced paycheck can also cost you additional money outside of just the bounced check fee in states such as California. Staying on top of your business bank accounts should become something done automatically before and after payroll is run each pay period. If you keep a separate bank account specifically for payroll, you can easily ensure no employee has her paycheck bounce.
The job of a home performance tester involves measuring, analyzing and calculating all facets of the residential construction process to ensure safe, sound and energy efficient homes. Home performance testers work closely with construction laborers on job sites and can be classified as construction managers. If you have a solid background in construction management, you may be a good candidate for a lucrative career in home performance testing.
Before the Florida Department of Employment Security will approve your claim for unemployment insurance compensation, you must show that you earned a sufficient amount of money from your former employer. The Department of Employment Security also uses your earnings information to determine how much money you will receive each week. However, you can usually qualify for unemployment benefits even if you don't have your pay stubs.
With most expenses, the rules are simple. You pay the bill and deduct the expense when you file your tax return. However, when it comes to reimbursing your employees for meal expenses, the issue becomes a bit more complicated. Under the Internal Revenue Service's rules, the reimbursement may be taxable income for your employee, or it may be tax-exempt. The amount you reimburse your employee may not be the amount you may claim on your own taxes.
The pay stub provides a running total of the wages that an employee has earned, as well as the taxes the employer has withheld throughout the year. Although the totals are accurate, the pay stub buckets the totals and often disregards disbursements and payments for savings plans and distribution funds. The W-2 provides a detailed categorization of the wages and taxes to allow you to you file accurate personal tax returns. Although you can get some W-2 information from the pay stub, the most accurate information is always found on the actual W-2.
Compensation can have an effect on an employee's performance, according to surveys by the Social Science Research Council and the CPA Journal. The type of compensation, methods for determining raises and the process for employee performance reviews can all have a large effect on an employee's performance. Companies must be extremely careful in how these factors are approached, or they will face a very dissatisfied employee workforce.
Chapter 608 of the Nevada Revised Statutes codifies the state's compensation, wage and hour laws. Nevada Revised Statutes Section 608 prohibits employers from withholding an employee's paycheck or deducting unauthorized payments from his paycheck. Employers found guilty of violating this statute can face penalties and fines for improperly and illegally withholding an employee's paycheck.
Stock share options allow their holders to either purchase or sell stock shares of a specific corporation at a specified price either before or on a specified date. As such, stock share options are classified as derivatives because their values are dependent on the prices of their underlying stock shares. Because the sale of corporations can influence the price of their stock shares, this can in turn influence stock share options.
