Payroll classification: Classifying employees as hourly, salaried, or independent contractors affects how they’re paid and taxed. Step 3: Track employee work hours. For hourly teams, accurate time tracking is everything. Whether you use paper timesheets, punch clocks, or digital time tracking softw...
Your business is also required to pay into the state's unemployment insurance fund, which usually costs around 6% of payroll. And some employers offer additional benefits, like a 401(k), disability insurance, and paid time off (PTO). What are the penalties if you misclassify employees? Betwee...
Also, as you're crunching numbers and trying to make your case,don't forget to include taxes. Depending on when you were fired or let go, whatever your income is can still be taxed if it's over a certain amount. Also, whatever severance pay you do receive can be taxed, so keep the...
If you stick around until next January to get your year of service credited, will it be worth the slightly higher payout if you go insane from stress? Make a note of the significant dates for your benefits, including stuff like earned PTO days you can cash out or vesting schedules for 4...
Also, as you're crunching numbers and trying to make your case,don't forget to include taxes. Depending on when you were fired or let go, whatever your income is can still be taxed if it's over a certain amount. Also, whatever severance pay you do receive can be taxed, so keep the...