Returning Value Blog

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.

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?

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.

Below are federal payroll tax rates and benefits contribution limits for 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:

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%.

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.

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.

Distinguishing between independent contractors and employees is important for both tax and financial reasons. In order to comply with federal tax laws, you've got to be crystal clear about your workers' status and keep accurate records no matter what. Here's how to distinguish between independent contractors and employees – and why it's important.

Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, maybe your key to getting all the Covid relief your business is entitled to. It's a 30-page form, and the rules are complex, but here are the basics.