If you’re nearing the 50 employee threshold, it’s time to consider implementing salary ranges. Salary ranges are the essential guardrails that help you decide how much you’re willing to pay for new hires and how you plan to reward existing talent—all while keeping your goals and budget in check.
With the stroke of a pen, New Jersey Governor Phil Murphy may have just given thousands of state workers a raise.
On Monday, the governor signed legislation (A-15) that will gradually increase New Jersey's minimum wage to $15 per hour. The measure, which sailed through the state’s Democrat-controlled legislature, now makes New Jersey the third-largest state to enact such an increase. New York and California approved $15 minimum wages in 2016.
It’s game day. The wings are hot, the beer is cold, and mom’s seven layer dip is on point. While your friends are agonizing over the score, the payroll professional in you can’t stop thinking, “How is the away team taxed?” Come on, I know that's going through your mind.
The absolute worst feeling that a payroll professional can have is finding out someone didn’t get paid.
While that stings for us, it’s even worse for the ones who wake up to an empty bank account on payday. Last week, roughly 800,000 federal employees experienced that due to a partial government shutdown.
Eventually, most of these employees will be paid for their time. And given that the shutdown started back in December, it's a sure bet that payroll professionals like me will be asked to process plenty of retroactive payments. Here’s how those should be handled.
The more things change, the more they stay the same. After months of speculation, the 2019 Form W-4 has arrived—and it isn’t nearly as worrisome as payroll professionals thought it would be.
On December 11, the IRS quietly added the 2019 Form W-4 to its website, unaccompanied by the usual press release. With the exception of a few minor wording changes, the form is virtually identical to the 2018 edition.
Everyone’s heard the saying, “you scratch my back, I’ll scratch yours.” In payroll, when these agreements happen between states, we call them reciprocal agreements. In other words, “you take my tax, I’ll take yours.”
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The holiday season is known for a lot of pleasant things—eggnog, scented candles, and family time all come to mind. But if you’ve been in the payroll profession long enough, there’s a good chance you associate it with something else: federal and state tax notices. And when those come in, it’s time to pick up the phone. Gulp.
Call it an annual holiday tradition. Every year, the IRS publishes a new set of contribution limits for a variety of popular benefits, including flexible savings accounts and commuter plans. With a series of announcements spaced over the last several weeks, the agency has finally settled on all major limits for 2019.
Contractor or employee? With 57 million workers, or 36 percent of the U.S. workforce, participating in the gig economy, the line between contractors and employees has never been blurrier. The tax filing implications are even more complicated.
New year, new limits. Earlier this month, the IRS published its long-awaited updates to 401(k) and IRA contribution limits for 2019.
Because retirement plans can be funded on a pretax basis (meaning deductions are taken from employee paychecks before taxes like social security), the IRS limits how much employees can contribute to them annually. These limits are subject to a periodic review to account for changes in the cost of living, inflation, and other factors.