ensure the description and duties are clearly stated. You should be free to decide where and how you work and not be prohibited from pursuing other opportunities. Remember, if the employermisclassifies you as an independent contractor, you may not be getting the full benefits you should. ...
A statutory employee is a worker who is classified as an employee by statute. These statutes detail working conditions that can only be done by employees. Even if the employer classifies the worker as an independent contractor, the law treats the worker as an employee. Employers of statutory ...
The Fair Labor Standards Act (FLSA) classifies exempt employees as anyone doing jobs that fall into these categories: professional, administrative, executive, outside sales, STEM (science, technology, engineering, and math)-related, and computer-related. The FLSA stipulates that employees in the abo...
If a business misclassifies an employee as a contractor, the organization can be held liable for employment taxes for that worker, including retroactive payments. When it comes to payroll taxes, misclassifying workers as independent contractors adversely affects both workers and companies. Employees ...
Remember that inventory is generally categorized as raw materials, work-in-progress, and finished goods. The IRS also classifies merchandise and supplies as additional categories of inventory.1 Raw materialsare unprocessed materials used to produce a good. Examples ofraw materialsinclude: ...
For example, a cost accounting ledger classifies costs based on its own cost elements and aggregates costs based on its own object dimensions. You can create as many cost accounting ledgers as you require to do management reporting from various perspectives. Create cost control u...
Functional expense allocation is the process by which a nonprofit organization’s accountant or bookkeeper classifies each expense by its functional classification. To better grasp functional expense allocation, it helps to understand why it’s important for nonprofit organizations in particular to report ...
For example, a cost accounting ledger classifies costs based on its own cost elements and aggregates costs based on its own object dimensions. You can create as many cost accounting ledgers as you require to do management reporting from various perspectives. Create cost control unit...
Permanent part-time employees An employee is a permanent part-time employee when a company employs them, but they do not work the hours needed to qualify as a full-time employee. The employer decides how many hours the employees work and pays them based on the number of hours they work. ...
Employees are entitled to certain wage rights and labor law protections, such as overtime pay, minimum wage, worker’s compensation, retirement, medical insurance, vacation, and sick pay. If an employer misclassifies an employee as a contractor, they deny these entitlements to pay and benefits....