If I told you that you could set up a benefit plan for your employees at virtually no cost, I bet you would be interested. The government allows a Commuter Benefit plan to be set up using pre-tax dollars to pay for transit expenses associated with your everyday commute.
This program is a win for both employer and employee. Employers save money on all pre-tax dollars as employers do not need to pay the FICA match. Employees will save on federal, FICA and in most cases state tax. If your employee has to pay for parking or almost any form of public transportation there is no reason not to have this program.
Thursday, May 26, 2016
Wednesday, May 25, 2016
New Overtime Pay Rule
Last Wednesday (5/18/16), The US Department of Labor updated the rules for who is eligible for overtime pay. Currently, for most businesses, a salaried employee that makes more than $23,660 annually and works more than 40 hours a week is not legally entitled to overtime pay, or 1.5 the normal pay rate.
Starting December 1, 2016, the $23,660 threshold will more than double to $47,476 annually or $913 a week. This change means any employee in your business that makes under the $47,476 annual threshold will have to have their hours tracked to pay employees accurately for going over 40 hours a week. With this change, the Department of Labor estimated 4.2 million workers will now be eligible for overtime pay.
Starting December 1, 2016, the $23,660 threshold will more than double to $47,476 annually or $913 a week. This change means any employee in your business that makes under the $47,476 annual threshold will have to have their hours tracked to pay employees accurately for going over 40 hours a week. With this change, the Department of Labor estimated 4.2 million workers will now be eligible for overtime pay.
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