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Returning Value Blog

7 Considerations When Preparing Your Payroll Budget

Posted by Amber Cochran on Jun 02, 2023

Most companies spend 20% to 30% of their annual revenue on payroll. The exact amount varies based on the employer's size, industry, staffing, and operational needs. In some industries, such as service, it's not uncommon for payroll to encompass up to 50% of revenue. For other industries, such as manufacturing and food and beverage, it usually takes up no more than 20% to 30%.

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Posted in Payroll, HR & Benefits

Considering HR Outsourcing

Posted by Amber Cochran on May 12, 2023

Outsourced HR services are designed to streamline functions, reduce expenses and help meet your firm's operational goals. You may hire a third party to oversee some or all of your HR functions, including payroll processing, employee benefits administration, and talent acquisition.

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Posted in Payroll, HR & Benefits

Voluntary Accident Insurance as an Employee Benefit

Posted by Amber Cochran on May 09, 2023

Voluntary accident insurance provides funds to pay for additional costs incurred from injuries. If you've ever seen an Aflac commercial—with the duck that keeps repeating the name of the product—you get the idea that supplemental insurance provides coverage for bills that your major medical plan doesn't cover. You can see how this is an attractive option to catch the attention of top talent.

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Posted in Payroll, HR & Benefits

How to Meet New Hire Compliance Requirements in 2023

Posted by Amber Cochran on Mar 18, 2023

As a business owner/manager, you have many processes and tasks involved in your day-to-day workload. Scheduling, timekeeping, payroll, etc... How about new hire onboarding?

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Posted in Payroll, HR & Benefits

Supreme Court Rules HCEs May Be Eligible for Overtime

Posted by Amber Cochran on Mar 10, 2023

You may think that the terms "highly compensated worker" and "overtime pay" don't belong in the same sentence, but the Supreme Court disagrees. HCEs can receive overtime if they are paid on a daily basis. In this case, Helix Energy Solutions Group, an offshore oil and gas firm based in Houston, claimed a former employee — Michael Hewitt — was exempt from overtime pay because he was a highly-paid executive. He claimed he should get retroactive overtime pay because Helix calculated his pay using a daily rate — and the Supreme Court agreed.

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Posted in Payroll, HR & Benefits

Payroll Tax Rates and Contribution Limits for 2023

Posted by Amber Cochran on Feb 10, 2023

Below are federal payroll tax rates and benefits contribution limits for 2023.

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Posted in Payroll, HR & Benefits

Staying Current on Payroll Rules

Posted by Amber Cochran on Jan 11, 2023

Hiring staff? Good for you! It means your business is thriving. Now is the time to get up to speed or reacquaint yourself with any labor laws you’ll need to be compliant with. Labor laws were created to protect employees’ rights. If you’re vigilant, you can avoid financial headaches. Here’s some advice to stay on track with labor law requirements:

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Posted in Payroll, HR & Benefits

How to Manage a Payroll Schedule

Posted by Murry Guy, CPA on Nov 30, 2022

Learn how to create an effective payroll budget to avoid wondering how and where your money was spent. Creating a payroll budget helps you understand what percentage of your budget should go to payroll and enables you to stay on track throughout the year. Generally, payroll should account for about 15% to 30% of your company’s gross income, but with service industries, costs can be as high as 50%.

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Posted in Payroll, HR & Benefits

How to Set Up and Maintain Payroll Policies

Posted by Murry Guy, CPA on Nov 16, 2022

The endgame is accurate and timely employee paychecks. How do you get there? Have a payroll plan that outlines what the procedures are to get to your goal.

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Posted in Payroll, HR & Benefits

How Do Taxes Work With Bonuses?

Posted by Murry Guy, CPA on Nov 02, 2022

Bonuses, frequently given at the end of the year, is a popular "thank you" for a job well done, and smart business owners know they can build loyalty, helping retain the most productive employees. However, both owners and employees often misunderstand how taxes work with bonuses, leading to confusion and frustration. Fortunately, with some education and preparation, the situation can work out for everyone.

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Posted in Payroll, HR & Benefits

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