FLSA Overtime Exemption Changes By now, you have heard about the new FLSA overtime exemption changes taking effect December 1st. The rule increases the salary threshold for paid overtime from $455 per week ($23,660 annually) to $913 per week ($47,476 annually). In plain language, if a worker makes less than the new threshold, they are eligible for extra compensation [...]
Payroll Taxes - Terms to Know FICA (Federal Insurance Contributions Act) - The law requires employers to withhold payroll taxes from employee earnings to fund the Social Security and Medicare programs. These are called (FICA) taxes. Your employer also pays a tax equal to the amount withheld from employee earnings. (SSA.gov) Withholding - Income tax withheld [...]
Common Payroll Issues Payroll is often seen as a necessary evil and simply assume anyone can perform the task. As a result, many business people are completely unaware of the consequences that can accompany poor decisions and oversight. We have compiled a list from payroll experts as well as tips for avoiding them. Classification of Employees as [...]
Overtime Changes - Notice of Proposed Rulemaking (NPRM) The Department of Labor Wage and Hour Division has proposed, via an NPRM, changes to how overtime may apply to currently exempt employees. The proposed overtime changes are linked here but in essence, executive, administrative and professional (white collar employees) are entitled to protections under the Federal Labor Standards [...]
