hourly workers are entitled to overtime pay after 40 hours a week, at no less than time-and-half their regular hourly rates. But “white-collar” salaried workers who perform executive, administrative, or professional duties are exempt from that requirement unless they earn a salary below a ...
salaried positions usually accrue sick days and vacation days that may be used when needed. Not all hourly positions provide those types of benefits. Second, being on a salary means that you always know what amount of money is coming into the household. With...
A pay date: a pay date is the date in a month that an employee is paid An hourly employee: an hourly employee is paid according to hours they work over A salaried employee: a salaried employee is paid based on an annual amount of money A pay period/schedule: a pay period is a recu...
When hiring an employee, you must make a lot of decisions. One of the most important is whether you will offer them a salaried or hourly position. Salaried employees are usually paid the same amount each pay period, based on their total salary. An hourly worker, on the other hand, earns...
How the employee is paid (e.g., per hour, per week, salary) Hourly pay rate Total daily or weekly straight-time earnings Overtime earnings each week Payroll deductions from or additions to wages Total wages paid each pay period Date of payment and pay period covered by the payment Accordin...
Calculating time and a half pay for salaried employees requires an extra step to get the hourly pay rate because they are paid a fixed wage. For instance, Lisa earns a fixed weekly salary of $750, and she’s expected to work 36 hours. But for this week, she has worked a total of...
TrackHr is a user-friendly employee monitoring software made for growing teams. It helps improve business performance by making it easy to monitor employees and analyze their performance in real-time. With features like GPS attendance tracking and automatic salary calculations, TrackHr simplifies workfo...
If you're a sole founder, or on a small founding team, you might decide to try to fill gaps in skill sets by bringing in another cofounder. If your startup is still at the idea stage, this might be a great option. If you bring in someone at (or close to) the beginning of the...
Compensation for work comes in different forms. Two of the most common types ofcompensationare salaries and hourly pay. A salary is a specific amount of compensation regardless of the number of hours worked. Employees who are paid a salary are not eligible for overtime pay. Hourly pay is the...
In any workplace, there are two types of employees: exempt and nonexempt. Exempt employees are those who are exempt from minimum wage and overtime pay requirements. This is because exempt employees are paid asalary rather than an hourly wage, and they work in what are considered executive or...