Fortune Business Consulting

Category: Employment

  • How to Determine Which Holidays Should be PTO?

    How to Determine Which Holidays Should be PTO?

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    Are you mixing floating leaves with PTO and offering your employees a long list of paid holidays? PTO or paid time off are such leaves that do not involve any loss of pay for the employees. It includes sick, marriage, casual, and other leaves a company offers employees throughout the year. 

    However, floating holidays may differ from one company to the other. At some organizations, employees can choose from the list of government, religious and cultural holidays; at others, these are optional holidays. Read further to know more about determining PTO for your company policy.

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    6 Factors that Determine PTO Policy for Your Company

    Here are some of the factors that help determine the PTO of your organization:

    Cultural and Religious Observances

    The cultural and religious diversity of your organization needs special consideration while determining PTO holidays. You need to respect and recognize the religious observances of various employees to foster and accommodate an inclusive work environment. So, before deciding on PTO, research the major religious festivals that your employees celebrate and ensure providing them with the opportunity to celebrate them seamlessly.

    Employee Feedback and Surveys

    You can gather feedback and run surveys to seek input from employees before deciding on the PTOs. Involving your employees in this decision-making process provides you with better insights into the significance of the holidays for them. Moreover, your employees feel heard and valued when you include and engage them in deciding the PTO. 

    Business Considerations

    Besides personal and cultural considerations, you should also balance the holidays as per your business’ operational needs. While allocating PTO, you should evaluate its impact on work schedules, customer service, deadlines, etc. So, you should plan to ensure adequate staff are working to meet your business requirements and maintain productivity during holidays. To manage the PTO effectively, you need to create the perfect balance between business goals and employee needs.

    National and Public Holidays

    Governments and institutions frequently recognize public holidays as important days for the entire population. Most citizens celebrate these holidays, and employees get opportunities to relax. Christmas, New Year’s Day, Independence Day, etc., are among some of them. So, you can include these public holidays in PTO so employees can participate in national celebrations and traditions. 

    Current Events

    You don’t have to follow a rigid PTO policy over the holidays. It can be adaptable and dynamic to consider the present social environment. For instance, in response to the Black Lives Matter campaign, Zenefits declared Juneteenth a permanent PTO starting in 2020. The number of companies including this day in their PTO holiday list has increased by 11% in 2022 from the first year (2021).

    Local and Regional Observances

    In addition to national holidays, it is essential to acknowledge local or regional observances that might be significant to your employees. These can include regional festivals, historical commemorations, or specific cultural celebrations. Being aware of and granting PTO for such occasions demonstrates your commitment to recognizing the diverse backgrounds and traditions of your workforce.

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    Final Word

    So now you know how to determine which holidays should be included in your company’s PTO policy. PTO allocations should be guided by inclusivity, fairness, and the well-being of your employees, ultimately contributing to their satisfaction and productivity. However, you can contact us if you need further assistance in this regard. You can also go through our blog section to clearly understand PTO and related concerns.

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    Reference Links:

    https://www.businessnewsdaily.com/15834-which-holidays-deserve-paid-time-off.html

    https://www.hrresolutions.com/blog/holidays-pto-an-employers-guide/

    https://www.freshworks.com/hrms/floating-holiday-vs-pto-heres-everything-you-need-to-know-blog/

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • 10 Effective Ways to Promote Mental Wellness in the Workplace

    10 Effective Ways to Promote Mental Wellness in the Workplace

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    Did you know that the mental and physical health of employees directly affects their productivity at work? So, when a company promotes mental health in the workplace it can increase the annual production. It is because employees have a much more positive outlook on life and are sincerely engaged in their responsibilities. 

    But how to maintain a better mental health space?

    The below write-up offers 10 different ways you can initiate for employees in your office space to improve their well-being. 

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    How to Enhance Mental Wellness in the Workplace?

    Below are some ideas that will help in creating a healthy work culture and help employees towards a positive approach in life.

    Encouraging a Work-life Balance Culture

    Earlier there was a notion that longer working hours means better chances of getting promoted. However, this theory is not true as it has a harsh impact on work-life balance. Today, it is about how smart one works. You must encourage and approve employees for off days for personal reasons or vacations. This will make them maintain their energy levels and stay consistently productive at work.

    Host Stress-Reduction Workshop

    Stress triggers health challenges and leads to further anxiety. Thus, companies must consider hosting stress-reducing and mental health awareness workshops. This will immensely help employees in handling their stress.

    Focus on Setting Realistic Goals

    It is essential to set goals to define the achievements and success of work life. However, not all employees can handle the stress to accomplish hard targets. Employees must set targets that employees can handle without stretching their working hours. A sound mind helps produce quality work, benefiting both the employee and employer.

    Promote Health Trainings

    Employers can introduce health training programs in the office to encourage employees. However, there are many instances where employees may lack interest in practicing health sessions. So, companies can start incentivized health training to promote employee health.

    Create a Positive Work Environment

    There is enough room for positivity when it comes to mental peace. So, employers can deliver positive speeches to help employees handle anxiousness. They can ask employees to write down positive notes and decorate the workspace with those thoughts.

    Maintain a Peaceful Work Environment 

    Employers can also create a ‘quiet room’ in the workplace, if possible, where employees can relax for a while. They can also allow the employees to keep their family or loved ones’ photos on the work desk. Or decorate the work desk with items that generate calmness and peace of mind. It will help reduce stress and enhance mental peace.

    Encourage Open Communication

    Encourage open communication among employees and management. Let employees know that it is okay to talk about their mental health issues and that they will receive support and understanding from the management and their colleagues.

    Promote Self-care

    Employers should encourage their employees to schedule self-care sessions at regular intervals. This prioritizes their health and well-being and will enable them to manage their stress and anxiety. They might even urge their staff to discuss their best practices to generate fresh ideas for methods and strategies.

    Provide Healthy Snacks and Meals

    Diet can also have a significant impact on an individual’s mental health. Providing healthy snacks and meals can help improve mental wellness in the workplace. Employers can offer healthy food options in the cafeteria or arrange for healthy snacks in the breakroom. This can help employees maintain a balanced diet, reducing stress and improving mental health.

    Provide Flexibility

    Flexible work arrangements can help employees balance their work and personal lives, reducing stress levels and improving mental health. Employers can offer flexible schedules, remote work options, and other accommodations that promote work-life balance.

    Final Word

    Employees with less mental stress and a sound mind can generate timely and quality work compared to the ones with poor mental states. Thus, every employee should take the necessary initiative to keep employees stress-free and mentally sound. Employers looking forward to expert assistance in human resource management can contact us. If interested in reading about similar topics our blogs can also help you get a better idea of workplace management.

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    Reference Links

    https://blog.accessperks.com/20-ways-to-improve-mental-health-in-the-workplace

    https://inspiringhr.com/10-ways-to-promote-mental-wellness-in-the-workplace/

    https://www.synergita.com/blog/10-ways-to-promote-employee-wellness-and-health-at-workplace/

    https://www.linkedin.com/pulse/10-ways-promote-mental-wellness-workplace-natasha-bowman-jd-sphr

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • How Small Businesses Can Offer Big Benefits Packages – 4 Ways

    How Small Businesses Can Offer Big Benefits Packages – 4 Ways

    Did you know a larger percentage of a company’s employees seek additional benefits than a hike in their salaries?  

    Good employee benefits packages have increasingly become a determinant factor in attracting new employees and retaining old ones. Thus, by providing employees with big benefits packages, small businesses have better possibilities to grow. 

    Read on to understand how small businesses can offer big benefits packages even with low-budget funding. 

    Discover 4 Ways How Small Businesses Can Offer Big Benefits Packages

    By implementing these strategies, small businesses will be better able to offer high benefits packages to their employees:

    Applying for Affordable Health Care Schemes

    There are many healthcare schemes provided by the government or other institutes that you can offer:

    The US government has started many low-cost healthcare schemes for small businesses. It aims at helping small businesses ensure that all their employees get covered under health insurance. Additionally, medical insurance is a must factor that companies must extend to their employees.

    Schemes such as SHOP or Small Business Health Options Program aim to give medical health benefits to employees at affordable rates. 

    In addition, many other health insurers provide insurance at zero costs. Since companies (big or small) must give insurance coverage to their employees, therefore these schemes can be a good option for small-funded businesses

    Forming a Partnership with a PEO or Professional Employer Organization

    A PEO helps a small business to cut the costs required to employ HR resources. As PEO have years of expertise in HR duties, they help carry out all the HR-related functions of your company at a lower cost. Hence, a small business can replace its in-house HR department with a PEO. Get in an agreement with a PEO to enjoy the associated benefits:

    It offers an extensive range of tools and resources helpful to employees, which would otherwise cost more for a small business to do it alone. 

    It also provides special employee benefit schemes that it gets by serving different organizations. This helps achieve a quality work atmosphere in a company.

    Ensuring Work-Life Balance for Mental Health Benefits

    Mental health is one of the most crucial elements of comprehensive health coverage. Nowadays, we seek more quality in life than quantity! Achieving good mental health has become one of the most prominent factors in today’s world. So, employees can benefit through:

    One big lookout for employees is to have a positive work-life balance, and so employees can benefit from good mental health. 

    Good mental health is also achievable with modern-day, tech-enabled, and advanced medical insurers. By sourcing coverage with modern-day insurers, small businesses can give more benefits to their employees without high budget cuts.

    A thriving business has increasingly lesser one-to-one employee interaction with the head of the company. It reduces the personal touch between higher authorities and the employees. 

    Taking this as an advantage for small businesses, whereby they can take steps to foster an engaging employee-CEO relationship. Doing so will help the company’s employees to voice their opinions and reduce unnecessary pressure.  

    Maintaining a Joyful Working Environment

    Treat your employees with frequent dinners, company retreats, and more to maintain a joyful working environment.

    It creates a healthy atmosphere that allows higher employee retention and higher recruitment possibilities. 

    Doing so in the long term will help a small business to hold on to its employees and incur high returns. These returns will help channel further ways to earn higher revenue and attain even better and bigger employee benefits packages. So, it will be beneficial for the growth of small companies and their employees. 

    Therefore, with these strategies, small businesses can offer big benefits packages to their employees. Furthermore, if you wish to get these services, please feel free to contact us. Also, in case you are willing to learn more, explore our website’s blog section. 

    Reference Links:

    https://www.paychex.com/articles/employee-benefits/employee-benefits-and-small-businesses#:~:text=A%20typical%20benefits%20package%20for,savings%20account%2Fhealth%20reimbursement%20arrangement.

    https://www.ehealthinsurance.com/resources/small-business/choosing-right-benefits-package-small-business

    https://www.cornerstonepeo.com/post/how-small-businesses-can-offer-big-benefits-packages

  • How to Save Money With a PEO: Find 7 Ways They Reduce Company Cost

    How to Save Money With a PEO: Find 7 Ways They Reduce Company Cost

    Want to save the cost incurred behind your in-house HR team and still be able to recruit quality candidates? This is possible by taking the help of a PEO or Professional Employer Organization.

    PEOs perform similar human resource management activities as the dedicated department of a company but at a lower cost. These include employee payrolls, benefits, compensations, health benefits, and much more. So, form a co-employment agreement with a PEO to save money. Scroll below to gain detailed knowledge. 

    How Will a PEO Help a Company Save Money?

    Take a look at 7 crucial ways by which a company can maximize profits and cut down on high costs.

    Reduce Chances of Incurring Possible Expenses

    Partnering with a PEO for human resource work will allow you to shift your attention to more complicated tasks of the company. As a result, you will be able to focus on more glaring issues of the company. So, you will save avoidable costs and prevent possible company losses.

    Cost Cutting on Employee’s Health Insurance  

    The PEOs get health insurance for a group of different businesses together. Hence, the cost they pay is much lower, as compared to providing health insurance to a group of employees by one employer. When you partner with a PEO, the cost your company may incur will be lesser in comparison to buying health insurance individually. 

    Savings on Internal HR Department

    PEOs also facilitate extending all the roles and responsibilities of an entire HR department to the organization. Shifting the basic HR responsibilities related to onboarding and payroll processing to a PEO will remove the requirement for an in-house HR department. 

    This calls for high savings in your company’s budget expenses. PEO has years of experience in HR services, so you can be assured of quality recruitment too. 

    Lowering Employee Turnover Rate

    PEOs provide many employee benefits as it partners with different organizations to avail such offers. As an employer, you will be more able to grant your employees greater access to new perks and facilities at a lower cost. Hence, you save more on lower employee turnover rates. 

    Avoiding Expensive Budget Cuts – Worker’s Compensations

    Workers’ compensation needs a special mention as the budget cut on these can be pricey. PEOs have many years of expertise in finances and lawsuits, thus, come as a handy tool to ensure no cost-cutting on such mishaps. 

    Enhancing the Culture of Your Company 

    The PEOs will help provide a more enriching work culture for your employees, by providing the tools and resources your company may need. It is also beneficial for your company as it doesn’t need to invest in it and can still have an enriching job environment, thus leading to new employee engagement. 

    Reduce Excess Expenses on Managing Compliances

    Compliances are very common and can easily incur higher costs for your company. Hence, a dedicated PEO department that looks over every minute detail regarding minor employee issues will help lessen these problems and save up on any probable expenses. These issues relate to employee salary deduction, overtime compensation, etc.

    The PEOs are responsible for taking care of employees of multiple organizations. Thereby, it serves as a place for companies to upgrade their business and workplace environment. PEO helps in enhancing the quality of the company’s culture starting from the on-boarding process to working on the office environment, retention, and higher recruitment. 

    Reference Links:

    https://www.lucidchart.com/blog/what-does-hr-do 

    https://www.netpeo.com/faqs/how-can-a-peo-save-your-business-money/ 

    https://www.themissionhr.com/post/5-ways-a-peo-saves-your-company-money 

    https://americasbackoffice.com/how-to-save-money-with-a-peo/ 

    https://makaihr.com/top-5-ways-a-peo-helps-businesses-save-money/

  • Why Does Mental Health in the Workplace Matter? – 5 Reasons to Know

    Why Does Mental Health in the Workplace Matter? – 5 Reasons to Know

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    Are your employees feeling stressed from work pressure? Do you know how their mental health can affect the company’s overall production?

    The workplace environment has been a crucial factor in determining an employee’s mental condition. If employees face unsupportive behavior within the organization, it directly impacts their contribution. This in turn affects the employee’s performance and work efficiency. Continue reading this blog to know how mental well-being can be beneficial for an employee and the organization.

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    Top 5 Reasons Why You Must Have Sound Mental Health in Workplaces

    Your work environment should be friendly and healthy to ensure your employee’s mental well-being. Here are the best reasons why it is important:

    A Sound Mind Can Enhance Productivity

    An employee with sound mental health can always add value to the organization. A happy and healthy workforce can help in uplifting the business with excellent skills. However, it is the responsibility of the employer to ensure a healthy and supportive work environment for the employees. 

    When the mental health of employees is stable it increases their productivity. As per research, companies that prioritize their employee’s mental well-being have outperformed by 10% more than others. 

    To Release Work Stress

    Work pressure can often burden employees with immense stress. With sound mental health, one can release the extra stress and approach things positively. Several workplaces provide relaxation activities and make a separate relaxation space for mid-day breaks. 

    As per the health and safety legislation, employers should ensure that each employee is having a safe, healthy, and relaxing working environment irrespective of mental health. Thus, a responsible employer will always care for their employee’s well-being and focus on releasing their stress through engaging in activities.

    Boosts Decision Making Capabilities

    An unstable mind cannot make the right decisions as it is distracted by multiple thoughts. Thus, it will affect the working abilities of employees and their performance as well. Promoting a healthy work environment will enhance employee engagement and help in developing their skills and capabilities. With a sound mind, one can develop strategic business plans and help in boosting the organization’s growth. 

    Employers can help in improving the worker’s mental health by appreciating and recognizing them for their performances. Moreover, they can offer benefits like flexible working hours, referral programs, etc. 

    Consistency at Workplace

    If employees find their workplace healthy and supportive, they will not opt for frequent job switches. It helps both the employer and employees in maintaining consistency at the workplace. Moreover, it will ensure the goodwill of a company and also improve the employee’s work efficiency.

    Thus, maintaining a healthy work environment facilitates the development of a company. In other words, both the employee and employer can flourish individually when the work environment is mentally supportive and cooperative. 

    Poor Mental Health Can be Fatal

    When employees face immense work pressure and stress it can affect them mentally and lead them to depression. If not taken care of on time depression can be life-threatening. Multiple instances have been found where employees who are unable to handle the work pressure have been mentally distressed. 

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    Final Word 

    It is the responsibility of an employer to ensure every employee is having a safe and healthy work life. With less stress and improved facility, employees can focus more on their work and enhance productivity. If you are facing such issues maintaining workflow balance in your workplace, you can contact us for professional assistance. You can further read our other blogs to know more about workplace management, employee handling, and more. 

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    Reference Links:

    https://www.iod.com/resources/blog/mental-health/five-reasons-why-mental-health-in-the-workplace-matters/

    https://www.betterup.com/blog/mental-health-in-the-workplace

    https://ca.godaddy.com/blog/why-mental-health-in-the-workplace-matters/?gclid=CjwKCAiAr4GgBhBFEiwAgwORrY8y7J9KBbqbrqhfqqtb3ogNxHrgDbvVgK8aXG_uFI9bIG7Y9polgBoCNZsQAvD_BwE

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

  • Five Wage and Hour Violations That May Surprise You

    Five Wage and Hour Violations That May Surprise You

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Are you paying your employees what they deserve? Do you know underpaying or illegal deduction is a violation of the Wage law?

    Employers often commit wage and hour violations knowingly or unknowingly. However, this can drag them into legal hazards if reported with proof. As a reputed business organization, you should abide by the Labor Wage regulations to maintain a healthy and protected work environment. Read this blog to know about a few common wage and hour violations you must watch out for![/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Top 5 Wage and Hour Violations That You Must Look Out For

    As a responsible employer, you should take care of your employee’s wages and benefits. So, here are the top 5 things you must stop doing to maintain the Labor Wage regulations:

    Illegal Payroll Deductions

    Some employers often deduct wages in multiple illegal ways. In most cases, employers deduct money to compensate for damages that are not associated with employees. These may include shortages in the cash register, property damages at the workplace, the value of tools, etc. Moreover, some also deduct the employment uniform’s price from their employee’s wages. 

    Here, employers must set up laws to discuss the deduction parameters with their employees before deducting their wages. For instance, an employee has worked overtime and is eligible for an overtime bonus. In that case, if you want to deduct any part of his wage, you may have to ask for permission.

    Misclassification of Employees

    As per the law, employees of the company will receive added benefits, overtime payment, and much more. However, in recent years the number of independent contractors in a business organization has increased. Generally, these contractors do not receive equal facilities as the employees of the company. 

    Some employers misclassify their employees as independent contractors to avoid paying benefits. If your company is following any such practices refrain from that as it is considered a violation of the law.

    Not Paying Minimum Wages

    As per the Federal Government, the minimum hourly wage in America is around $7.25. However, some states consider paying a higher rate showing compliance to their employees. On the other hand, some employers violate this law and refrain from paying minimum wages to their employees. This can be seen prevalently in the case of tipped employees. 

    As per the Labor Standards Act, if a worker earns a tip above $30 each month, his minimum hourly cash wage will be $2.13. If any such practices are being followed in your company, stop them immediately. Generally, no employer can deduct more than $5.12 from the wage of a tipped employee. 

    Underpaying the Employees

    Another way of wage violation is not paying the workers per their work. In such cases, employees are working more and earning less. Some employers do not pay the employees for the extra work they do even after their shift ends. 

    Other instances include not paying the employees for the prep work they are doing before their shift starts. Some employers also avoid paying their employees for side work and travel for work purposes. However, these are strict violations of the law and a responsible employer should avoid such practices to maintain his company’s reputation. 

    Not Paying Reporting Pay

    Employees reporting to the office during their shift are eligible for reporting pay irrespective of whether they worked for the day or not. However, some state laws do not include this. This is applicable in case of work interruption due to Acts of God, Government instructions for closure, or an employer closing the shift due to insufficient work. However, if the employee is leaving early due to personal reasons, employers may not compensate him with reporting pay. 

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    Bottom Line

    If you are running an organization and providing employment to several workers, you should maintain the wage and hour regulations strictly. It will keep your employees satisfied with their deserved wages and also mark your company’s goodwill. If you need expert advice and suggestions regarding the wage laws, you can contact us. Moreover, you can read our blog section to get a detailed overview of these violations and ways to stop them.

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    Reference Links:

    https://wageadvocates.com/7-labor-law-violations/

    https://inspiringhr.com/five-wage-hour-violations-that-may-surprise-you/

    https://www.katzmelinger.com/blog/2020/06/5-common-wage-and-hour-violations/[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.[/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

  • How to Stop Overpaying Taxes? – 5 Strategies to Save Company Cost

    How to Stop Overpaying Taxes? – 5 Strategies to Save Company Cost

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Are you facing difficulties in filing your business tax? Do you want to know where can you save money while paying taxes?

    Business organizations often face challenges while filing their taxes. Without a proper estimation of your taxable income and payable taxes, you may find it daunting to pay off your taxes on time. As a result, you may need to pay hefty penalties and end up overpaying taxes. Continue reading this blog to know the best strategies to avoid overpaying taxes.[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Top 5 Strategies to Avoid Overpaying Taxes

    Follow the below pointers to save yourself from paying any extra amount of tax or penalties:

    Know Your Obligations

    With better insights into federal, state, and local tax obligations you can keep away from overpaying taxes. IRS audits businesses on a given financial year and every organization must pay their taxes on time. If you fail to pay the tax on time, you can attract penalties, or your business can be scrutinized. So, you can log in to the websites of the IRS and SBA to know about the obligations regarding tax forms, due dates, instructions regarding tax filing, etc.

    Estimate Upcoming Year’s Income

    Estimating your company income for the next year can help in getting a clear idea of your payable taxes. Thus, you can plan your finances accordingly and refrain from overpaying taxes. You can take help from professional financial advisors or estimate your income from the yearly W-2 that provides detail of your yearly revenue.

    Go for ‘Safe Harbor’

    Taking advantage of the ‘safe harbor’ can be ideal for taxpayers who are expecting a much higher or lower income in the upcoming year. By paying ‘safe harbor’ you can stay away from paying penalties. It is a minimal amount that does not burn a hole in your pocket. Moreover, if you fail to pay the taxes, fulfilling the safe harbor target will keep you protected from overpayment issues. 

    You can approach paying safe harbor in two ways. Either you need to pay 100% of the previous year’s tax or 90% of the next year’s tax. You need to divide this amount into four equal parts and pay the ‘safe harbor’ accordingly.

    Calculate the Estimated Deductions

    Deductible expenses include professional expenses, mortgage interest, dependent exemptions, etc. Calculating the tax deductions for the upcoming year can be another way to stay protected from overpaying taxes. In this way, you can predict your eligibility for deductible expenses in the upcoming year. 

    If you want lower deductible expenses in the upcoming year, you can reduce some deductions. For instance, you can reduce mortgage interest. Enquire about the next year’s expenses from the lender and pay off the maximum amount to reduce the interest. However, if you are unsure about any deductions in the next year, exclude them from the tax estimations.

    Determine the Payable Tax

    You can use the IRS tax table to determine your estimated tax payment. Your taxable income is decided after deducting the average gross income from your total income. After you get an idea of the taxable income use the tax table published by IRS on the previous year to determine your payable tax. You can use this table easily in the following way:

    • Know your estimated annual tax.
    • Divide the payable amount by the total paychecks you get in a year.
    • You will receive the amount you need to deduct from each paycheck to reach a $0 return.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-33px|auto||auto||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Final Word

    If you find the above strategies hard to follow, hiring a professional can be fruitful. Though you need to pay them a charge, the amount you save from overpaid taxes will be worthwhile. Moreover, they will guide you to keep away from simple mistakes and pay penalties. So, if you are looking for any professional knowledge in this area feel free to contact us. Besides, if you want to know more about such company operation-related topics, browse our blog section.

    Reference Links:

    https://www.linkedin.com/pulse/how-avoid-overpaying-your-taxes-strategic-tax-planning-arron-bennett?trk=pulse-article_more-articles_related-content-card

    https://www.keepertax.com/posts/overpay-estimated-tax

    https://www.purposefulfinance.org/home/Articles/2017/stop-overpaying-your-taxes

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.[/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

  • 5 Best Practices to Resolve Performance Issues in the Workplace

    5 Best Practices to Resolve Performance Issues in the Workplace

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Do you know hiring policies and the recruiting system is the key to proper staff selection?

    The success story of any business is associated with the employees working there. Therefore, it is crucial for every company or business to prepare a backup plan so that they can adhere to employee issues and handle these matters efficiently.

    Scroll down to learn about 5 best practices that will resolve performance issues of employees in a workplace.[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-26px|||||”]

    5 Ways to Resolve Employee Performance Issues in a Workplace

    Regardless of an organization’s size, even a low-performing employee can pull down the success of a company. That is a major reason why employers are working more on diligent staff selection.

    However, here are some tips that will help in dealing with employees who have low performance in the workplace:

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” min_height=”408.6px”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” min_height=”260.6px” custom_margin=”-45px|||||” custom_padding=”0px|||||”]

    Set Clear Performance Goals:

    The key to getting employees and staff to meet expectations is to set clear performance goals before them. This will help in the following ways:

    • Precise job descriptions help these employees in understanding what exactly they need to do to perform better in the workplace.
    • This will prevent issues before they start and even if it does, the employee will know the correct way to resolve them.
    • This will prevent hardworking staff to choose the wrong path in their work as they will realize what they need to put effort into.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-78px|||||”]

    Provide a Regular Feedback:

    Companies must not restrict discussing performance issues with employees to only formal review meetings. This is what they should focus on:

    • Managers should put effort into making small corrections whenever a staff slips up unknowingly.
    • Addressing these matters as soon as it begins is a proper way to prevent them from recurring.
    • Managers must work on providing simple but effective resolutions. In case of serious issues, they should conduct formal meetings.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” min_height=”310.8px” custom_margin=”-28px|||||” custom_padding=”0px|||||”]

    Diagnose the Issues:

    When these issues become recurring and an employee continues to underperform, it is essential to identify the root cause of the issue before planning an action. Generally, problems fall into 2 segments:

    • A lack of motivation in an employee makes an individual ignorant of official matters.
    • Lack of ability to perform according to their job description, where an employee might not understand what they are supposed to do.

    However, in both these cases, diagnosing the issue of this employee will help in making a proper resolution.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-61px||-48px|||” custom_padding=”0px|||||”]

    Plan a Performance Improvement Strategy:

    As soon as the cause of low performance is detected, managers must lay out a strategy to help the employee to improve. This will help in 2 ways:

    • If the issue is related to an employee’s ability, that person will benefit from certain training or a small change in their job responsibilities.
    • Employees who suffer from a lack of motivation might respond better if they receive support. Also, provide positive feedback, and ensure cooperation from the management and colleagues.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” min_height=”391.8px”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”||-68px|||” custom_padding=”0px|||||”]

    Keep a Record of Everything:

    The management must document all discussions related to performance with the employees which extend beyond casual verbal discussions to improve. This will help in:

    • Tracking an employee’s improvement.
    • Determining what additional steps will help the employee to improve.
    • Properly documenting performance reviews allows employers to identify whether their strategies have worked to help improve an employee’s performance.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-99px|||||” custom_padding=”0px|||||”]

                           

                                           All these above tips will assist managers in better addressing performance issues so that it benefits both employers and employees. Most of these issues can be solved without the management taking any harsh disciplinary action or decision of dismissal. If you are seeking strategies such as these do not hesitate to contact us. We will assist you in the escalation of these plans. If you are willing to know more, please explore our blog section.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Reference Links:

    https://www.lbmc.com/blog/managing-employee-performance-issues/

    https://www.omniagroup.com/addressing-employee-performance-problems/

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]

  • Complete Guide to Payroll Deductions: Find All Details Here!

    Complete Guide to Payroll Deductions: Find All Details Here!

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Are you aware of what are the rules for payroll deductions in the US and how companies calculate them? Understanding the components of the payroll will help one to comprehend the finances associated with any business. Furthermore, this will help all employers comply with laws and payroll deductions.

    This write-up serves as a comprehensive guide to answering all your queries regarding payroll deductions.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-39px|||||” custom_padding=”0px|||||”]

    What Is a Payroll Deduction?

    Payroll deductions are specific amounts that a company deducts or withholds from your paycheck in the form of voluntary deductions or taxes. All these payroll deductions examine your net pay or the take-home pay after deducting the specific amount from your gross income.

    Now, let us understand the applicable payroll deductions in the US.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-27px|auto||auto||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”||-16px|||”]

    What Are the Applicable Payroll Deductions in the United States?

    Some of the applicable payroll deductions in the United States include the following:

    Pretax Deductions: 

    These deductions are made from an employee’s paycheck before withholding any taxes. It reduces taxable income and the money one owes to the government since they are excluded from gross pay. Moreover, they reduce one’s Federal Unemployment Tax and state unemployment insurance dues.

    Statutory Deductions: 

    These deductions by government agencies are mandatory and employees require paying them for public services and programs. These include Federal Insurance Contributions Act tax and state income tax. One needs to understand the work status of an employee in order to file it properly.

    • Federal Insurance Contributions Act (FICA) Taxes: These taxes support medicare and social security. Moreover, employees require to pay social security tax at a rate of 6.2%. However, this includes a salary-based contribution limit. Additionally, they need to pay medicare tax at a rate of 1.45% without any cap.
    • Federal Income Tax: The federal government includes 7 income tax brackets which range from a marginal rate of about 10% to 37%. Here government first charges employee’s wages at the lowest rate till they reach a bracket and continue to charge at every rate till they reach their highest tax slab or total gross income.
    • State and Local Tax: These income tax laws vary since some areas charge a fixed rate against all income and others consist of several tax brackets. Additionally, some include few charges or no income tax at all.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-18px|auto||auto||” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Post-Tax Deductions: 

    Employers charge post-tax deductions from an employee’s paycheck after withholding all required taxes. However, post-tax deductions do not lower an employee’s overall tax burden as these taxes do not reduce net pay rather than gross pay. Some examples of post-tax deductions are IRA retirement plans, union dues, charity donations, wage garnishments, etc.

    Wage Garnishments: 

    Regulatory agencies and courts might ask an employee to withhold a section of their post-tax or net wages. This is to cover child support, default loans, alimony, or any unpaid tax.

    Voluntary Deductions: 

    Employees might also opt to take out more money from their paychecks so as to cover the cost of several benefits. One can withhold these deductions on a pretax basis or post-tax basis. Voluntary payroll deductions include health insurance, group term life insurance, retirement plans, and various job-related expenses.

    So, let us now understand how can an employee ensure accuracy in payroll deductions.

    How to Assure Accuracy in Payroll Deduction Process?

    Since payroll calculation is a challenging job, there are chances of inaccuracies and mistakes, which might further lead to penalties and litigations. Companies can opt for systematic processes and technologies to ensure proper payroll calculation. These systems will manage the following:

    • Salary Calculation
    • Loan and Advance, Reimbursement, Over Time Management
    • Full and Final Settlement
    • Bonus Calculation
    • Proof of Investments and Tax Declarations
    • Pay Slips 
    • Gratuity Calculation
    • Increment Process, and many more

    It is crucial to educate yourself with this information which will help you do further financial planning. If you are looking for professional assistance to help with payroll, please contact us. Also, explore our blog section if you are interested in learning about similar topics!

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” min_height=”240.6px” custom_padding=”0px|||||”]Reference Links:

    https://shieldgeo.com/payroll-and-tax-in-usa/

    https://www.adp.com/resources/articles-and-insights/articles/p/payroll-deductions.aspx

    https://salaryaftertax.com/us/salary-calculator[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.[/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

  • W-2 and 1099 Deadlines for Business – Important Dates & Penalties

    W-2 and 1099 Deadlines for Business – Important Dates & Penalties

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    Does your company work with contractual workers too? Are you looking for a ‘W-2 and 1099 deadlines’ for your business? 

    Companies hiring non-employees/contract workers or employees must provide them with complete tax information. They must provide the necessary W-2 form to their employees and 1099 forms to contractual employees. 

    This article throws light on the deadlines of these forms, and the penalties you might face if you do not file them within the same.

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    What Does a W-2 Form Include?

    This form evaluates an employee’s compensation for the previous tax year (January 1st to December 31st). W-2 Form consists of:

    • Total compensation for an employee
    • Social Security wages
    • Medicare wages
    • Number of tips
    • Certain amounts were withheld for social security, medicare, and federal and local, and state taxes for that year.

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    Apart from these the form also consists of information regarding:

    • An employee’s contribution to retirement plans sponsored by employers
    • Information on pension plans
    • Employer-sponsored health plans and coverages
    • Moving expense reimbursements
    • Certain qualified adoption expenses

    Therefore, keeping all these in mind if you find an employee in your organization who earned compensation during the taxable year, you need to definitely file a W-2 form.

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    What Does a 1099 Form Include?

    1099 form is meant for non-employees and there are many Internal Revenue Service tax reporting forms under the 1099 section. 

    Here below is when you must use this non-employee compensation form:

    • You must use this form when you are paying freelance employees, professionals, contractors, and independent workers.
    • In addition, you need to furnish this form if your organization has made payments to any business or an individual of a certain amount for services they provided to your organization during that particular year.

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    What Are the Deadlines for W-2 and 1099 Forms?

    Here are the due dates for filing these forms:

    • Whether you are filing it through electronic mode or by paper, you must provide your workers/employees with their W-2 forms and file them with the Internal Revenue Service by 31st January. 
    • However, if you made a payment to the freelancers and the independent professionals in the previous year, you need to furnish Form 1099-NEC to them and Internal Revenue Service by 31st January.
    • Similarly, if you require issuing a 1099 form to someone to evaluate other income payments, awards, or prizes, you must provide a copy of this form to the person by 31st January again.
    • Moreover, organizations still have time until February 2023 to file the same with Indian Revenue Service if they file via paper.
    • If they file through an electronic mode of payment, they have time till the 31st of March for that financial year.

    Now, let us find out if we can file an extension.

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    How to File a W-2 or a 1099 Extension?

    In case you are unable to meet the January 31st due date for both of these forms, you have the provision of filing an extension application. Here is what you can do:

    • Your company can request a 30-day extension period to file these forms where you need to submit a proper extension application by 31st January.
    • There is no provision for getting an automatic extension and you can also not file an extension through electronic mode.
    • You need to mention the exact reason for the extension. Further, the application must have a signature of an authorized person in your company.
    • You must properly include the name of the payer, address, and tax ID details. Also, mention the type of return as well.

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    What Are the Consequences of Not Filing W2 and 1099 Forms?

    Eventually, if you fail to file these forms within the deadline or if you are filing incorrect or incomplete forms, you will have to pay heavy fines. Penalties and fines depend on the days you are late to file them and are imposed on each form. 

    It includes $50 if you file within 30 days before the due date, $110 if more than 30 days but before August 1 and $280 if after that. However, if the form was not filed intentionally this fine increases to $560 for each form. 

    Refer to the above information to understand the requirement of W2 and 1099 forms in a business. Also, know the deadline to file the same and more. Following the deadline will relieve you of high penalties. Besides, you can contact us for HR solution that is in case you are a start-up and still learning how the business work. If you wish to know more about it, please explore our blog section too.

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    Reference Links:

    https://www.thebalancemoney.com/late-filing-penalties-for-w-2-forms-and-1099-misc-forms-397948

    https://www.rocketlawyer.com/business-and-contracts/business-operations/small-business-taxes/legal-guide/small-business-tax-alert-issue-w-2s-and-1099s-before-the-deadline

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]