An update on Minimum Wage Changes for 2021 The Fair Labor Standard Act (or FLSA) is a federal law, that sets minimum wage, overtime pay, recordkeeping, and young people’s work employment standards, that affect employees in the public and private sectors. FLSA has many exemptions from the minimum wage and overtime pay for construction industry,…
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The sense of belonging is one of the fundamental human emotional needs. We, as humans, have an inherent desire to feel secure, important, or accepted by a group. That group can be our family or our coworkers. Every company should strive to create an open, supportive, inclusive environment of mutual respect. This is not a…
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Taking Ownership If you are a business owner, you wear many hats. After all the work you put in building your business, hiring employees, staying on top of inventory, and maintaining the books, it can often seem that you come last. However, making a living is critical to your health and financial security. The IRS…
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Avoid possible penalties for not taking a salary as an S Corporation, by following IRS guidelines. Many small business owners choose the S Corporation tax classification to enjoy the advantages that it provides. S Corporations have many benefits: pass-through taxation, shareholder liability limited to the amount of the initial investment, a simple and straightforward cash…
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Your guide on how to switch payroll providers. Paying the Piper As a business owner, making payroll is one of your most essential duties. A well-compensated employee who is paid on time is your greatest asset. Payroll is an exact science. Knowing all of the employees on your books, the hours they have worked, and…
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Market Instability The U.S. economy has seen its fair share of ups and downs. Any economy rarely remains stable for long. Due to this natural rhythm in the market, economists tend to have a more wide vision of its successes and failures over time. Our economy is the strongest in the world and has experienced…
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Business as Usual Business owners are constantly juggling different responsibilities, from paying taxes to controlling costs, all while keeping an eye on the bottom line. However, the majority of businesses would be nowhere without their employees, making payroll a crucial aspect of business ownership. Along with being a legal obligation, the human component of business…
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Don’t miss this special offer! Through the end of January 2020, we are proud to offer no payroll set-up fees! Take advantage of this exciting chance to reap the many benefits of establishing a reliable payroll system for your business in the New Year. We know you’ll love the positive impact that a comprehensive payroll…
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Understanding Draws If you are a shareholder in an S Corporation, you may be familiar with the concept of taking draws. S Corporation shareholders are entitled to a portion of the profits that a company earns in any given time. Your piece of this profit is referred to as a draw, which is calculated based…
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What is Wage Garnishment? Wage garnishment describes the situation where a portion of an employee’s pay is withheld to repay a debt. It’s commonly seen in issues like unpaid child support or taxes. The amount garnished is dependent on what the court deems to be the individual’s disposable income, meaning the money left over after…
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