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Payroll

Complying with Payroll Recordkeeping Requirements

By Best Practices, Payroll, Policies and Procedures, Recordkeeping

In the past, we have written about a variety of requirements and forms, from OSHA form to payroll and other accounting documentation. Today, we’ll cover some general guidance related to payroll recordkeeping. This task isn’t easy—although the requirements of the Fair Labor Standards Act (FLSA) are straightforward, other state and federal laws can be complicated and confusing. Additionally, most of them change from time to time. As with so many workplace laws, one principle overrides…

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W-2s and You

By Employment Law, Payroll

Until this year, employers had two dates to keep in mind when preparing 1099’s and W-2s. Beginning with 2016 forms, employers will now have one filing deadline for all Federal information returns – January 31, 2017. This applies for both employee and agency copies, or whether filing paper or electronic returns. The state of Georgia has also adopted the new January 31 filing deadline. You also need to know that the penalties for missing the…

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Overtime Overhaul

By Employment Law, Employment News, Payroll

The U.S. Department of Labor (DOL) is close to making a final decision regarding salary levels eligible for overtime pay exemptions. The anticipated outcome is expected to more than double the current annual exemption level of $23,660 to somewhere between $47,000 and $50,000. This change is expected to impact many people including executives, administrators and professionals. For this reason, the new policy is often referred to as the “white-collar exemption.” Employees newly classified as nonexempt…

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Numbers Needed

By Employment Law, Hiring, Payroll

A Taxpayer Identification Number (TIN) is an identification number used by the IRS in the administration of tax laws. It is issued either by the SSA or by the IRS. A Social Security number (SSN) is issued by the SSA and all other TINs are issued by the IRS. U.S. citizens and lawful aliens must use a SSN on their employment tax forms. Nonresidents and resident aliens may have an Individual Taxpayer Identification Number (ITIN),…

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S Corporation Compensation Calculation Challenge

By Payroll

S corporations can run into some muddy waters when calculating total compensation, particularly relating to medical insurance premiums. According to the Internal Revenue Service (IRS), when it comes to treating medical insurance premiums as wages, “health and accident insurance premiums paid on behalf of a greater than 2 percent S corporation shareholder-employee are deductible by the S corporation and reportable as wages on the shareholder-employee’s Form W-2, subject to income tax withholding.” It is important…

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Time for Timeclocks

By Payroll

At MarathonHR, we’re working to provide you with the resources you need in easily digestible formats. We are creating a series of Slideshares about a variety of HR topics that you will be able to find on our website. One of the first Slideshares is on time clocks. To view the entire Slideshare, click on the image above or go to: https://www.marathonhr.com/hr-solutions/payroll-services/. We have nothing but time to talk with you about time accounting. Call…

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Employee Onboarding in the Digital Age

By Hiring, Payroll

Electronic onboarding, or bringing new employees into your organization online, offers value in a few ways: FACILITATES REMOTE HIRING – Employer and employee do not have to be in the same location when completing employment documentation. STANDARD PROCESS – The same process will be used regardless of the employer representative and employee. INTEGRATED TO PAYROLL – Once complete, employee demographic, tax and direct deposit information can be imported directly into our payroll software. Electronic onboarding…

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To Pay or Not to Pay Summer Interns?

By Employment Law, Hiring, Payroll

If you are hiring – or have hired – summer interns, you need to do the requisite “summer reading” on whether or not you need to pay them. Traditionally, most interns worked over the summer for the experience and to build their resume. However, unpaid internships have gotten a little more complicated from a legal perspective in recent years. The Department of Labor’s (DOL) Fair Labor Standards Act (FLSA) mandates that interns in the “for-profit…

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Who Benefits from Wage & Hour Law Changes?

By Employment Law, Payroll

Are the latest changes in federal wage and hour laws good for your business or only good for the government? In a session titled, “What’s New in Wage-Hour,” Matthew Simpson presented on the minimum wage and the impact of cities and states increasing the minimum wage. Simpson stated that raising the minimum wage in markets with a higher cost of living such as New York, NY and San Francisco, CA, is probably appropriate but that…

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It’s About Time

By Employment Law, Payroll

Time. It’s how we spend the days, weeks, months and years of our lives personally and professionally. In the workplace, however, it is also necessary to record our time in order to be paid. Time tracking and recordkeeping is critical for business owners under the law. The U.S. Department of Labor has outlined requirements for recordkeeping under the Fair Labor Standards Act (FLSA). For compliance purposes, there are several records the employers are required to…

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