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Payroll Processing & HR Services

Compensation

Here’s the maximum you can save in your 401(k) plan in 2021

If you’re signing up for next year’s workplace 401(k) plan benefits, now is the best time to develop a strategy for increasing your savings. Benefits season also happens to coincide with the annual IRS release of the 2021 maximum contribution limits for certain tax-advantaged accounts, including your 401(k) plan, individual retirement account and healthcare flexible spending accounts. […]

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Follow DOL Guidance When Reducing Salaries During the Pandemic

salary-reduction

The Basic Rules Under the federal Fair Labor Standards Act (FLSA), an employer can generally reduce exempt employees’ regular salary for COVID-19-related reasons. However, the reduction cannot be made after the fact or based on the employer’s day-to-day or week-to-week needs, according to the DOL. “In other words, exempt employees must be paid their predetermined […]

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Employee Social Security Tax Deferral

President Trump’s payroll tax deferral plan allows employers to suspend collection of the employee’s Social Security payroll taxes is in effect through Dec. 31. Below is a summary of the IRS issued guidance on the repayment of deferred employee Social Security taxes under President Trump’s Executive Order signed on August 8, 2020. Employers should consider […]

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2018 Florida Minimum Wage Changes

FLSA

Effective January 1, 2018, the minimum wage increased from $8.10 to $8.25 per hour for most employees in Florida, with exceptions for tipped employees, some student workers, and other exempt occupations. The federal minimum wage is $7.25. The annual calculation is based on the percentage increase in the federal Consumer Price Index for Urban Wage […]

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Are Your Employees Eligible for Loan Forgiveness?

Last month LendEDU reported that almost half of all college students surveyed believe they will be entitled to student loan forgiveness.  Most of them will be disappointed to find out that this isn’t true. Public Service Loan Forgiveness (PSLF) was designed only for those employed in certain professions. Generally, employment with the following types of […]

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Fiduciary Rule Delayed

Unless you’re a benefits or retirement manager, you probably have not paid much attention to the Department of Labor’s Fiduciary Rule announced last April. One of the rule’s goals was to put an end to the billions of dollars a year that investors are estimated to waste paying exorbitant fees. According to InvestmentNews.com, “The idea […]

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