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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 ...
Non-employee compensation is often associated with specific projects or tasks and is distinct from the regular salaries or wages paid to traditional, internal employees. Non-employee compensation excludes employee benefits, such as health insurance, retirement plans, or unemployment benefits. Examples of ...
When an employee is classified as a non-exempt employee, the employer must set up a time tracking system to ensure that the employee is legally paid for every hour worked and forovertime pay. Overtime pay typically kicks in after 40 hours in a single week, and it's worth one-and-a-...
1. Discuss the definition of trade or business. Why does it matter whether a taxpayer is classified as an employee or as self-employed? 2. Discuss the concepts of ordinary, necessary, and reasonable i What is working capital and why is it important for a business?
1. Salaried employee or hourly employee? Usually, the biggest challenge for employers is determining whether an employee should be salaried or paid hourly. Well, that depends: Is the worker exempt or nonexempt? If they are classified as a nonexempt employee under FLSA, the employer must pay ...
However, the way organizations handle involuntary turnover is very crucial. It has the potential to impact employee morale, employer branding and overall organizational culture. 3. Desirable vs Undesirable Interestingly, employee turnover, whether voluntary or involuntary, can be further classified into ...
A contract employee is a self-employed individual that a company or organization hires to perform specific projects or services. Contract employees are also known as freelancers, contributors, independent contractors, or self-employed individuals. ...
Who Is Classified as a Statutory Employee? The category statutory employee refers to anInternal Revenue Service(IRS) classification of workers who are subject to tax withholding by statute under itscommon law rules. While employers are not permitted to withhold taxes for most independent contractors,...
What Is an Exempt vs. Salaried Employee? Under the Fair Labor Standards Act (FLSA), exempt employees are not entitled to overtime pay because they meet certain criteria, such as earning salaries above a set threshold or having jobs that are classified as executive, professional, or administrativ...