One important aspect of payroll processing is performing deductions from the paychecks of employees, both voluntary and mandatory. An example of a voluntary deduction is healthcare benefits. When an employee accepts this benefit they will pay for the premiums in the form of payroll withholding. The employer is considered the payroll representative and as such must calculate the healthcare deductions based on their corporate policy, as well as applicable state or federal regulations.
One of the most important aspects of operating a business is compensating employees. Not only does Payroll involve how much you’ll pay your workers, but also how and when. While many employers continue to pay their workers through old fashioned paper checks, there are a number of advantages you’ll gain by switching to direct deposits. These benefits can be broken down into three main advantages, which are security, convenience, and cost.
A number of social security changes are expected for 2017. Specifically, the wage base which is subjected to taxation is expected to grow from $118,500 to $127,200. Upon reaching this threshold, employees will no longer be subject to social security tax withholding. It has also been recently announced that over sixty five million people will receive COLA, or a cost of living adjustment of 0.3 percent for 2017.
Obamacare is projected to become more expensive in 2017. One change to be expected in the coming year is individual deductibles, which will increase by over $6,000. Families who have been placed in bronze plans will have deductibles which average $12,393. However, these are just a few of the price increases which are expected.
The start of 2017 should be be marked by goals, both personal and professional. It comes as no surprise that companies of all sizes are looking for ways to motivate their employees, as doing so leads to greater productivity as well as profit. Below are some tips that will provide your team with the staff motivation that is necessary to help your business succeed in this new year.
Trust is a fundamental and necessary aspect of doing business. However, it becomes even more important when working with remote employees. Quantum leaps in technology have led to a world where it is no longer necessary for a group of individuals to work side by side within the same building. In fact, it is now possible to hire employees on the other side of the world that you’ll never meet face to face. While this presents many opportunities, it also places a greater emphasis on trust and accountability.
Workplace wellness programs can be challenging to manage, especially when you factor in changing regulations. Both the Genetic Information Nondiscrimination Act and the Americans with Disabilities Act includes wellness programs which are provided by employers. The two regulatory systems provide a framework by which wellness programs in the workplace can remain in compliance at all times.
There are a number of things to take into consideration when offering employees paid time off. At this time the federal government has no specific regulations which are related to it, and there are various ways in which it can be utilized. There are advantages and disadvantages to paid time off (PTO) and being able to weigh them is the key to using it most effectively.
We often hear about addiction to alcohol or gambling, but less attention is paid to work addiction. While working hard is important, too much work can be detrimental to one’s health and the relationships they have with their loved ones. This is an issue for both employees and employers, and learning to maintain a healthybalance is extremely important. Here are some ways in which you can maintain better work-life balance to lead a more fulfilling life.
The holidays are one of the busiest times of the year, especially for payroll personnel. Employees may be eligible for bonuses and overtime and additional HR staff may be necessary to ensure their holiday payroll is distributed accurately and on time. Here are some tips for doing that.