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For companies of all sizes, adhering to labor rules, tax laws, and industry standards is a major challenge. These laws may include tax regulations, labor laws, social security contributions, and employee benefits mandates. They can also change frequently due to updates in labor laws, tax codes, or social security policies.
They ensure the company's compliance with tax law and other regulations. It helps provide direct compensation for overtime, productivity, and other related activities not directly related to job duties. You can pay compensation in various ways, such as straight salary, salary plus commission, hourly rates, and overtime pay.
The FLSA does establish unanimous criteria for overtime. The law states that employees who work over 40 weekly hours must receive overtime pay (one and one-half times their regular pay rate). They can use it to determine whether hiring new part-time workers would be more cost-effective than having full-time employees work overtime.
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