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Tag: benefits

1099 and W2 employee

What are 1099 and W2 employees?

As a small business owner, it’s more important than ever to understand the intricacies of employment types. The two most common employee classifications are W2 employees (traditional employees) and 1099 contractors (those who may work for other employers throughout the year).  Recent statistics show that independent contractors, a group predominantly

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unlimited PTO

What is Unlimited PTO?

When debating a job offer, most employees consider the benefits offered as a huge part of the final decision.  In fact, according to a study by PeopleKeep, 93% of employees consider paid time off as a highly important company perk.  That’s why in this article, we dive into the world

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What is the true cost of an employee?

What is the true cost of an employee?

For many business owners, labor costs will be the highest expense that they endure. Businesses cannot operate without employees, and those employees result in a large percentage of a business’ expenses. The cost of an employee is not just what you pay them hourly or weekly. There are so many

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non-traditional employee benefits

What are the top non-traditional employee benefits?

Employee benefits play a pivotal role in maintaining a strong workforce. While most companies offer conventional perks like paid time off, health insurance, and retirement plans, there are numerous innovative benefits that can set your business apart from the competition when it comes to attracting top talent and keeping your

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comp time

Can we use comp time with our employees?

Time off plans are a great fringe benefit for employers to offer employees to foster employee engagement and retainment.  When it comes to time off, there are numerous different types of plans.  In this article, we will take a look at comp time and if an employer can use comp

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QSE-HRA

What is a QSE-HRA?

There are many different types of health insurance plans businesses can offer to their employees.  These plans are a great benefit to add for your employees, ultimately leading to higher employee retention rates.  In this article, we will focus on one specific type of health insurance plan for small businesses. 

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top questions

The Top Payroll Questions Your Employees Will Ask You

As a business owner, HR director or office manager, you are bound to get asked question after question about your company’s policies and payroll practices.  Continue reading to learn the important questions an employee will ask you and how you can answer them. What is the difference between gross and

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Flexible schedule

How Can We Create a Flexible Work Schedule?

Today, employees are seeking positions where work – life balance is a priority of the employer.  Many businesses are having difficulty hiring and need to consider all options for recruitment and retainment.  While not all companies can pay candidates top of market wages, offering stronger benefits can be one way

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What is on demand pay?

Offering an array of fringe benefits is one way for a business to stand out above the competition.  With many businesses looking to hire, finding ways to attract and retain top talent remains a priority.  One thing that a business could decide to offer its’ employees is what is known as on demand pay. 

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What is 401(k) profit sharing?

What is 401(k) profit sharing? Around the holidays, many businesses consider providing bonuses to their employees. Some businesses choose to provide their employees with a year-end bonus in a slightly more unique way than just a normal cash bonus. This is done through 401(k) profit sharing. Let’s take a look

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How to handle a bonus payroll

How to handle a bonus payroll Employers need any advantage available to them in order to attract and retain top talent. Above market wages and strong benefits are some of the top ways for businesses to stand out above the competition. Once a business is financial stable, providing bonuses to

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What is a Section 127 plan?

What is a Section 127 plan? In today’s economy, all business owners are struggling with hiring and employee retention. Businesses are looking for and taking advantage of any tool available to them to acquire and retain top talent. One potential tool employers can take advantage of is student loan assistance

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Are expense reimbursements taxable?

Eventually, almost all employers will need to provide reimbursement to an employee for a business expense. Employers need to know how to handle these reimbursements. One compliance challenge is whether or not a business needs to withhold proper payroll taxes on the expense. Let’s answer the question, are expense reimbursements

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Are retirement contributions pre-tax or post-tax?

Many businesses offer a retirement plan as part of their employee benefits package. In fact, many states are beginning to set up state run retirement programs to allow employees that do not have access to a retirement vehicle the chance to begin investing in their future. While there is no

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Third Party Sick Pay

There are a number of different employee benefits. Businesses must know how they work and consider offering them to their employees. This will help in attracting and retaining strong employees. From retirement plans, to health insurance and even third party sick pay, all of these items make up a business’

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Common Retirement Plans

Every American worker would like to retire with a comfortable amount of money at an early age. However, an annuity.org study suggests that the complete opposite is happening. In fact, the United States is facing a retirement savings crisis. According to the study, 22% of Americans have less than $5,000

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Should remote employees notify employers when moving?

As the workforce continues to evolve, working remotely is only increasing in popularity. Employees are even seeking remote only positions as they look to change the pre-pandemic work standards. However, from both the employee and employer standpoint, working remotely can bring additional compliance challenges. What happens if the employee works

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Benefits of switching to paperless payroll

Payroll is more than just paying your employees. There are a number of different areas that make up the payroll process. Things like tracking employee time, withholding payroll taxes, setting up employee contributions and deductions, and so much more go into the entire process. That is why manual payroll is

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How do taxes for benefits work?

One of the more effective practices businesses use to hire and retain employees is offering a strong benefits package. As with any aspect of payroll, once a business begins offering fringe benefits, tax compliance issues arise. Let’s take a look at how taxes work on employee benefits. What are fringe

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Writing an employee handbook

At the core of any successful business, is a detailed and complete employee handbook. While it may be difficult to find the necessary time it takes to create human resource policies for your business, skipping this process can open your business to potential future compliance issues. Let us take a

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pre-tax and post-tax deductions

Pre-tax and post-tax deductions

Most businesses provide benefits to their employees. These benefits must be withheld from employee’s pay properly, according to the IRS, for businesses to stay tax compliant. Certain benefit deductions are considered pre-tax deductions while others are considered post-tax deductions. In this article, we will take a look at the difference

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Section 125 plan

What is a Section 125 plan?

A key way to attract and retain employees is by offering a strong benefits package. One type of benefit that small businesses could consider is a Section 125 plan. Let’s take a look at what this plan is. What is a Section 125 plan? According to the IRS, a Section

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What are fringe benefits?

There are many things to consider when offering an applicant a position within your company. The salary of the position is probably the first thing a potential candidate will look for. After the position’s salary, the benefit package that you offer will be a key to attracting and hiring new

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Paid time off

Best Practices for PTO Benefits

One of the best ways to maintain a high level of employee engagement and retainment is by offering a competitive benefits package. Furthermore, having a strong company paid time off policy is key to ensure that your company remains highly regarded in the eyes of current employees and potential applicants.

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tips for hiring and retaining strong employees

Tips for Hiring and Retaining Strong Employees

Tips for hiring and retaining strong employees In today’s times, hiring and employee retention are not easy tasks for any company.  Below are a few areas, in which you can focus your time and energy, to increase your chances of attracting and retaining strong employees.   Creating a hiring and

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