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Archive for the ‘Payroll’ Category

Fingercheck Calculates Overtime Pay Including Non-Discretionary Bonuses

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The Fair Labor Standards Act (FLSA) requires non-discretionary bonuses to be included in the regular rate of pay when determining overtime pay. By definition, a non-discretionary bonus is a bonus that is “promised or expected and tends to be dependent on the quality, quantity or efficiency of production or hours worked,” according to SHRM. It is typically obligated to be paid based on a written or verbal agreement/contract, or is a bonus of a particular nature that is pre-determined based on qualifying factors. Here are some examples of the types of bonuses that count as non-discretionary (sourced from SHRM):  Bonuses promised in an agreement Bonuses tied to performance evaluations, incentive plan bonuses, or any bonuses based on

When Can Employers Delete Employee Records?

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It’s a popular question that doesn’t often get addressed — how long is an employer required to keep employee records, and when can you dispose of them? Let’s go over what’s stated in the law, and then read between-the-lines. The Fair Labor Standards Act (FLSA) states that every employer covered under its jurisdiction (which is most employers) must keep payroll records, collective bargaining agreements, and sales and purchase records for a minimum of three years for each nonexempt worker. Records on which computations are based (i.e. time cards and piece work tickets, wage rate tables, work and time schedules, and records of additions to or deductions from wages) should be retained for two years.  “The records

10 Questions to Ask a Tax Preparer Before Hiring Them

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If you keep up with our blog, you may have read our recent blog post on how to determine whether you should hire a professional tax preparer to do your tax return. This article generated interest from readers wanting to know what kind of questions to ask a professional tax preparer before hiring them. While we already touched upon some great points in our previous article, we put together a list of additional questions written with the help of our Payroll Compliance Director Merle Capello CPP. Questions to Ask a Tax Preparer 1. Where did you train, if you trained formally? Did you apprentice and work with a senior, or have you always worked independently? (This may give you a comfort level

An Update on the Overtime Rule

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The fate of the overtime rule has had employers in suspense for the past four months, but now, according to one member of President Trump’s transition team, a final resolution isn’t far off. According to Tammy D. McCutchen, principal at Littler Mendelson and a member of President Trump’s transition team, the Trump administration is prolonging the decision until their expected Secretary of Labor nominee, Alexander Acosta, is instituted.  Acosta’s confirmation hearing occurred on March 22, and according to McCutchen, the expectation is that he will sail through confirmation without any issues. Once instituted, other high-ranking positions at the department will also be filled under his leadership.  In the meantime, the Trump Administration has until May 1st to make a decision, as

What People Are Most Likely to Spend Their Tax Refund On

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What would you do if you had a recent windfall of money, say, $3,000? According to the IRS, the average tax refund in 2015 was $3,120. According to GoBankingRates, the average tax refund in 2016 was $2,800. It’s common curiosity to wonder what your peers’ and family’s priorities are when receiving their refund, but if you’re assuming they’re going to spend their refund as soon as humanly possible, think again.  GoBankingRates recently conducted a survey of what people are planning to do with their tax refund, collecting close to 5,000 responses. The number one thing most Americans plan to spend their tax refund on? Pay off debt, followed by a close second of putting in savings. Just 9 percent

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