Retro pay, also known as retroactive pay, is a type of payroll payment which is associated with a past pay period. It is not the same as back pay, which is given when an employer owes an employee for a pay period where they didn’t receive any payment.
A number of states throughout the U.S. are increasing their minimum wages, requiring employers to change the hourly wages they pay their employees. California has raised its minimum wage to $15 an hour, and New York has followed suit. These changes will adversely affect many small businesses, which will need to adjust to the pay increase in order to remain profitable. Below are some ways in which this can be accomplished.
Altering the way you do payroll can be a daunting task. You must know where to store your tax ID numbers and you will also need to know how to transfer the payroll data. Below are a number of tips that can help first-time payroll software users change the way they do payroll in a manner which is headache free.
Payroll is a process that takes time, energy and resources to do well. Deductions and earnings must be managed, as well as the number of hours worked, and this doesn’t include taxation, which can make the process even more complex. It is for this reason that a growing number of business owners are turning to digital and automated solutions in order to streamline the process, which saves money and time. Choosing the right payroll software can bring tremendous advantages to your organization.
Tax issues are an inevitable aspect of being a business owner, and you will encounter them sooner or later. The IRS doesn’t take taxation lightly, especially when it comes to payroll tax. The question is not whether you will encounter tax problems at some points as a business owner, but how you will respond to them when they appear. Like many things in life, prevention is the key to success. Find out more about key tax problems you should avoid:
While many people have seen or heard of the term ‘SaaS payroll‘, some don’t understand exactly what it entails. Cloud computing is relatively new and is steadily gaining acceptance worldwide, and the key to greater adoption is a better understanding of how it works and the advantages it brings to those in the payroll and human resources departments.
HR is an indispensable department, with payroll being one of its key functions. Research indicates that a number of companies plan to make changes to this department, largely influenced by the changes in technology. As the world becomes more interconnected via the web, ubiquitous computing, and mobile devices, a number of businesses are recognizing the importance of transforming their human resources departments in a way that makes them more digitized, productive, efficient, and paperless.
A growing number of businesses are transitioning into a paperless environment. There are many advantages to doing this, and a number of start-ups have created services and products which make this transition easier. However, there are some general things you should consider when planning to go paperless, as both regulations and the needs of your clients may impact your ability to change completely.
The introduction of software solutions which are cloud based has led to the term SaaS, which stands for Software as a Service. While more people are becoming familiar with cloud computing, SaaS is a distinct concept which is an extension of it.
A paid internship is often a win-win situation for both parties. The intern gets the work experience which will help them find a job after graduation, and the institution they work for gets the help it needs. It also gives companies an opportunity to scout promising talent. However, one question that many institutions ask themselves is whether or not interns should be paid, and if so, when? The answer to this question is important, as it has legal ramifications.