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Compliance
42% of medium and small businesses have negative feelings about their compliance management practices. Learn how to get the upper hand on this complex topic.
4 Common Payroll Mistakes and How to Fix Them
Overtime Pay, Pay Equity, Workers’ Comp, Payroll Taxes Topics Covered Missclassifying Employees Pay Equity Workers' Comp Payroll Taxes Dump Your Payroll Provider Payroll Compliance: More Complex Than You Think From FLSA, EPA, Workers Comp and more, there are lots of federal laws to keep track of, and state and local taxes only add complexity. That’s why HR and business leaders need to have processes in place to consistently apply pay policies, accurately calculate overtime and streamline leave policies. If you don’t and your company is audited or sued, you won’t have the proper controls in place to quickly provide accurate records and audit trails. Here are four common Payroll mistakes you might be making: Misclassifying Freelancers and...HR
Federal Tax Deposit 101: Everything Employers Must Know
What is a Federal Tax Deposit? Most would agree that taxes is not an exciting topic. But a full understanding of the rules around taxes is absolutely essential for employers. It’s a major responsibility to manage employees and follow the requirements of withholding taxes from employee wages.The IRS has specific and strict guidelines around withheld taxes. Any withheld taxes must be deposited to the IRS in the appropriate manner. This process is called the federal tax deposit.In this guide, we’ll outline the important aspects of payroll processing and the federal tax deposit.Before we dig into the federal tax deposit, these are the important areas within employee taxes and payroll. Paycheck calculation and preparation Withholding taxes...
401(k) Match Limits: What Payroll Administrators Need to Know
It’s a relatively small change, but it’s a change for payroll administrators to take notice of. As of November 2019, your employees’ contribution limits for their 401(k) increased to $19,500 from $19,000. The increase raises the total annual contribution amount (employee plus employer contribution) to $57,000 or 100% of the employee’s salary if they make less than that. Most companies typically offer 3-6% in matching funds, but there is no limit to the amount an employer can contribute as long as the annual cap isn’t reached. 2020 & 2019 401(k) Match Limits Defined Contribution Plan Limits 2020 2019 Difference Maximum employee contribution $19,500 $19,000 +$500 Catch-up contribution for employees aged 50 or older $6,500 $6,000 +$500...
The Role of HR in Risk Management
HR Risks Covered:Recruiting Interviewing Drug Testing Background Check Employee Handbook Paying Employees Wage and Hour PenaltiesPay EquityHarassment PolicyTermination Where Are You Most Vulnerable? Tightrope walkers are kind of like human resource managers.You have big, long term goals and you want to make a difference. Yet day to day, you step carefully, balancing the complexities of the workplace.We love to talk to HR professionals about their strategic goals – for inspiration, check out Unlock the True Power of HR.In this article, however, we’re focusing on another aspect of your job: risk management, or risk balancing. We’ll walk you through some (certainly not all!) of the most common risks HR professionals need to balance...
What is a W-4 Form?
What is a W-4 Form? W-4 forms are essentially very basic tax returns filled out by employees. Specifically, it tells employers the correct amount of tax to withhold from the employee’s paycheck. Need a W-4 Form? Download it here. Why are W-4s important? The accuracy of an employee’s W-4 submission will determine the size of their tax refund (or bill) at the end of the year. The amount withheld should be as close as possible to their actual tax obligation—a big deficit can be an unwelcome surprise and may be accompanied by further penalties. Withholding more than necessary is considered by some employees as an easy way to save but, while refunds may seem like a nice treat, you are taking away the chance for employees to invest (or use)...
Case Study: Price Brothers, Inc.
A need for robust reporting tools and a modern HR and payroll platform with onboarding capabilities led Price Brothers, Inc., to Paycor. “We’re constantly hiring and looking for skilled trade help on a daily basis. Now they can fill out the application online and we can email them the new-hire paperwork. They can complete everything online before their first day.” - Kim McLaughlin, CFO, Price Brothers, Inc. Why Price Brothers, Inc., left their payroll provider Price Brothers, a Charlotte, N.C.-based plumbing contractor who specializes in new-home construction, needed a more modern HR and payroll platform that could keep up with their growing business. Their former solution wasn’t intuitive and didn’t collect all the data they needed for...
How to Pay 1099 Employees
As the gig economy grows more employers are looking to hire independent contractors (aka 1099 workers). But since paying independent contractors isn’t a walk in the park, many employers are looking for step-by-step instructions. Here’s a breakdown of everything you need to know: How Do I Pay a 1099 Worker? This subject is something you will need to discuss in detail with the person you’re hiring for the job. Often, they will have a written contract that stipulates how and when they should be paid. The two most common methods of payment are hourly and by the job or project. Some independent contractors — such as attorneys — prefer to be paid on retainer, which means you pay them a lump sum at the beginning of each month in return for a...
States with Salary History Bans
Requesting job applicants’ salary histories has been a pretty common practice for employers over the years. Recruiters and hiring managers often use this knowledge to exclude people from the candidate pool, either because the applicant is “too expensive” or their previous salary is so low, hiring managers think the person is poorly qualified or inexperienced.Businesses have also used previous salary information to calculate new hire compensation—a process that can perpetuate pay disparity between women and men. To address this inequality, several states and municipalities have enacted bans on asking for previous salary information, although laws vary in terms, scope and applicability. The states and territories that have enacted salary...
Case Study: Buy Sod
Buy Sod Inc. Partners with Paycor to Pay Employees & Maintain Tax Compliance “Because we’re a niche company, our administrators sometimes have trouble uncovering and implementing best practices. But when we partnered with Paycor they brought the expertise and thought leadership to help us overcome tough challenges like the new EEO-1 report. Paycor has the patience, knowledge and resources to help us stay ahead of problems and grow.” - Jennifer Hillard, Director of People and Culture Why Buy Sod Inc. Chose Paycor In 2002, three family businesses came together to create a network of sod farms that operate and distribute around the country. But with ten locations and eighteen different payrolls to process, Buy Sod Inc. struggled to...
Webinar: Compliance in 2020: What You Need to Know
A new year brings new compliance issues employers should be monitoring at the federal, state and local levels. To help your organization prepare for what’s ahead, our compliance team will outline key changes in 2020 and trends in the areas of payroll, tax and HR compliance.Speakers: Arlene Baker and James SchwantesArlene Baker is a Senior Compliance Analyst with over 40 years of payroll and tax experience. She’s a member of the National Payroll Reporting Consortium focusing on IRS compliance, and she’s been a member of the national and local APA for 25 years. In 2003, Arlene was awarded the Ohio Payroll Professional of the Year award. James Schwantes is a Compliance Analyst with a legal and tax background. Prior to working at Paycor in...
Webinar: Data Security: Does Your HR & Payroll Provider Stack Up?
You’ve probably seen the recent news about data security scandals that have impacted the payroll and HR industry. Are you confident your provider is taking the necessary steps to protect your company’s information?Learn how your business can protect itself, the questions you need to ask your provider and more. Speaker: Adam Leisring Adam Leisring is Paycor’s Senior Director of Information Security and is accountable for security aspects in Paycor’s Corporate IT and SaaS offerings. Having spent over 11 years with the organization and with a background in Information Security, Enterprise Architecture, Infrastructure, and Software Engineering, he brings a breadth of experience and perspective to the role.SMB
3 Restaurant Problems That Human Resources Can Help Solve
People get into the restaurant business for a lot of reasons but managing complex HR challenges is usually not one of them. As a restaurant owner or operator, you’ve got a lot on your mind - menus, vendors, pricing, and of course keeping your customers well-fed and happy. The problem is, those complex HR challenges - the ones you don’t want to think about it - can become serious problems if you don’t get a handle on them. The good news is, with the right strategy and the right technology, you can dramatically simplify complex HR challenges before they become problems, protect your business, and get back to doing what you love to do. Restaurant PROBLEM #1: SCHEDULING THE WORKFORCE You don’t need us to remind you that restaurant profit...
Buyer's Guide To HCM And Payroll Technology
An HCM platform is the foundation of your business, and choosing the technology is one of the most important decisions you'll make.
Get ExpertiseWhat Compliance Means for Your Organization
Do you spend too much or too little time on compliance? The IRS estimates U.S. businesses spend a collective 2.8 billion hours a year on tax compliance alone. Add in the Department of Labor’s requirements for overtime and minimum wage as well as the Affordable Care Act’s tracking and reporting regulations and you’ve only just scratched the surface of compliance.
Naturally, being compliant is going to mean something different depending on the industry in which you work. Are you a medical facility who can’t allow licensing to lapse or perhaps a manufacturer with concerns about Occupational Safety and Health Administration (OSHA) law? What sort of training do you have in place to prevent employment discrimination and a subsequent EEOC lawsuit?
The right HR partner can offer your organization expert advice on how to mitigate compliance risk. Learn what potential violations should be on your radar and how to avoid them as well as how to maintain compliance through the employee lifecycle.