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New Overtime Rules 2024: What Employers Need to Know

HR Lineup

Department of Labor (DOL), aim to adjust the salary threshold for overtime eligibility. Increased Salary Threshold for Exempt Employees New Threshold: The salary threshold for exempt employees has been raised to $55,000 per year. This audit should include a review of job duties, salary levels, and hours worked.

Overtime 235
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The Staggering Cost Of Disengaged Employees: How Disengagement Impacts Your Bottom Line

Vantage Circle

SHRM (Society for Human Resource Management) estimates replacement costs at 6-9 months of an employee's salary For a $60,000 annual salary, replacement costs could range from $30,000 to $45,000 The Hidden Costs of Lost Productivity, Training, and Onboarding The costs of employee disengagement are much higher than we often realize.

Salary 111
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Buyer’s guide to car salary sacrifice schemes

Employee Benefits

Car salary sacrifice arrangements remain a popular employee benefit; in its January 2023 Leasing Outlook , the British Vehicle Rental and Leasing Association (BVRLA) found a 20.5% year-on-year increase in company cars funded through salary sacrifice to quarter three in 2022. What are car salary sacrifice schemes?

Salary 98
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Common Tax Forms Employers Need to Know: A Complete Guide

HR Lineup

Form 1099 Form 1099 is a series of documents used to report various types of income other than wages, salaries, and tips. Employers may need to provide information to employees to help them complete Form 1040, such as W-2 wage and salary statements, which report annual earnings, taxes withheld, and other pertinent information.

Taxes 246
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Flexible working and its benefits are enjoyed most by highest paid workers

Workplace Insight

Low paid workers have the least flexible working, and the gap between the number of flexible workers on the lowest and highest salaries has increased in the last year, according to figures from the Flex for Life 2023 report from advocacy group Flexibility Works. Non-frontline roles are often office-based.

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What Taxes Do Businesses Have To Pay?

Kollath CPA

When you work for yourself and don’t have social security and Medicare taxes withheld from your salary by a full- or part-time job, you must pay taxes on income by making regular payments of estimated tax during the year. You must pay excise tax and file forms if you: Manufacture or sell certain products. Self-employment tax .

Taxes 95
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Many people would take a pay cut for more flexible working and shorter hours

Workplace Insight

Given the average salary for UK workers is £33,000, that means the average worker is willing to take a pay cut of £3,036 per annum for a better job. The mean pay cut workers surveyed are willing to take is 9.2 Indeed says this points to the need for firms to consider when their employees work as much as where.