Okay, before we break down what overtime is, let’s start by addressing the elephant in the room: There’s no special tax for overtime. No special rules. No hidden rates. It gets taxed exactly the same way as regular pay, regardless of how many hours your employees put in. Ahem. No...
Employers face decisions about managing overtime costs while meeting employee preferences. Two common strategies are traditional overtime pay and banked hours, also known as time in lieu. Both options carry payroll implications influenced by jurisdictional rules, employee contracts, and financial planning....