Some benefits, such as unemployment insurance, unpaid family and medical leave and medical coverage, are generally required by federal or state law for private-sector employers of a certain size. However, exceptions apply, so businesses should consult with tax and legal advisors to determine which...
Common fringe benefits are basic items often included in hiring packages. These include health insurance, life insurance, tuition assistance, childcare reimbursement, cafeteria subsidies, below-market loans, employee discounts,employee stock options, and personal use of a company-owned vehicle. Uncommon f...
TheFederal Unemployment Tax Act (FUTA)requires employers to pay both federal and state unemployment taxes to the Department of Labor. These taxes fund wages, training, and career guidance for employees who lose their jobs through no fault. The benefits provide short-term financial support to those...
Some overtime pay is required by federal law in the Fair Labor Standards Act (FLSA) for hours worked beyond the usual 40-hour workweek.9 Other Insurance Benefits Employers may purchase group life and disability insurance and share costs with employees who opt in; life insurance is also one ...
How Do You Receive Federal Employees Retirement System (FERS) Benefits? The Office of Personnel Management (OPM) provides helpful information that covers the steps you need to take to prepare for retirement five years prior to the projected date. Once you are within two mo...
FAFSA is short for Free Application for Federal Student Aid. Find out how to use it and understand your financial aid offer.
We’ll also cover some advantages that come with providing employee health benefits. Are you required to provide health benefits to employees? No federal law requires employers to provide their employees with benefits. However, if you have 50 or more full-time and full-time equivalent (FTE) ...
Why are employee benefits important? What is the effect of not having employee morale on your competitive advantage in the workplace? What are the advantages and disadvantages of hiring employees? What are the advantages of employee diversity?
What types of fringe benefits are taxable? Unless specifically excluded by the tax code, all fringe benefits are taxable as income. This generally means FICA (Social Security and Medicare taxes) and FUTA (federal unemployment tax) are withheld andmust be included on W-2s. Some states may also...
A simple cafeteria plan acts like a cafeteria plan: employees can choose the benefit(s) they want to receive. But for simple cafeteria plans, contribute benefits on behalf ofeachqualifying employee. With simple cafeteria plans, you do not need to worry about the plan favoring IRS highly compens...