OPM is issuing a final rule to bar the government from considering a person’s current or past pay when determining their salary for federal jobs. The Federal Salary Council also suggests in its examination of the federal pay scale that the GS base pay increase in 2025 would...
To calculate a paycheck start with the annual salary amount and divide by the number of pay periods in the year. This number is the gross pay per pay period. Subtract any deductions and payroll taxes from the gross pay to get net pay. Don't want to calculate this by hand? The Paycheck...
The threshold was set to further increase to $1,128 per week ($58,656 annually) on January 1, 2025. In a recent related case, the Fifth Circuit Court of Appeals held that, while the DOL may consider salary as an objective measure of employee eligibility for an overtime exemption, the ...
Start by adding up all the income you’ve earned for the year that will be taxed, such as from salary, bonuses, tips, freelance income, alimony (from an agreement finalized prior to 2019 that has not since been modified), and interest earnings. Subtract things like 401(k) contributions ...
The DOL had sought to raise the minimum salary for the Fair Labor Standards Act’s (FLSA) overtime exemptions for executive, administrative, and professional (EAP) employees and “highly compensated employees” (HCE). On January 1, 2025, the EAP...
Yes. At some point in the cycle, the Federal Reserve will have lifted interest rates to a point where inflation and the economy will be expected to cool. We saw this as recently as 2023; after the eleventh increase in the federal funds rate over a little more than a 16-month period, ...
The standard salary level that currently exempts executive, administrative, and professional employees is $844/week or $43,888 annually for full-time staff. However, due to the DOL’s new overtime regulation, this threshold is set to increase on January 1, 2025. Next year, salaried employees...
Seven-day contributions window: Employers must pay employees’ SG contributions at the same time as salary and wages. Contributions must be received by the employees’ super fund within 7 calendar days of payday to avoid the super guarantee charge (SGC). There will be some limited exceptions. ...
also said it would begin subjecting all federal employees to “enhanced standards of suitability and conduct” and ominously warned of future downsizing. The email sent to millions of employees said those who leave their posts voluntarily will receive about eight months of salary, but they have to...
A good reason to prepare an IDP, especially for federal employee’s that are in their mid to late careers, is to increase their high three average salary for retirement. A promotion can significantly increase your retirement annuity. This is also a good time to start planning your retirement...