What Happened? Since the introduction of the Tax Cuts and Jobs Act, employees have struggled to accurately estimate the amount of federal income tax that is needed to be withheld from their paycheck. This inaccuracy has led to lower than expected tax refunds, as well us unexpected tax bills come tax season. In response, the [...]
Are Your Employees Now Eligible for Overtime? With the new overtime rule going into effect in 2020, employers are looking for ways to keep labor costs low, while remaining compliant with Department of Labor regulations. One strategy being considered is the Fluctuating Workweek method. While this method is effective in reducing labor costs associated with [...]
What Happened? On September 24th, 2019, the Department of Labor released the new overtime rule that will go into effect on January 1, 2020. Under the new rule, minimum salary requirements for White Collar Exemptions (executive, administrative, professional and highly compensated individuals) will increase from $455 per week ($23,600 annually) to $684 per week ($35,568 [...]
Celebrate National Payroll Week with Time & Pay! Time & Pay is pleased to announce the celebration of National Payroll Week, coinciding with week of Labor Day! Time & Pay would like to thank and congratulate all employers and their employees for their hard work and contributions to the American economy, and for making America [...]
What Happened? KeyBank recently filed a lawsuit against Interlogic Outsourcing, Inc., accusing the company and its owner and CEO, Najeeb Khan of "willfull breaches of fraudulent conduct." The accusations stem from a $122 Million wire transfer that was initiated by IOI, despite not having the funds to cover the transaction. The IOI payroll lawsuit has [...]
Independent Contractor or Employee? When classifying a worker as an independent contractor or employee, employers should consider the following factors: Does the company have the right to control what and how the worker does the job? Does the company control how the worker is paid or reimbursed? Are they paid hourly or a salary? Does [...]
What's Changed? In an effort to reduce costs, Wells Fargo has agreed to transition their payroll services clients to payroll and HR giants, ADP. The transition, which will begin May 24th, is scheduled to be completed by the beginning of the first quarter of 2020. The agreement means that Wells Fargo will slash over 200 [...]
Disappointing Tax Return? Tax season is over for now, and some tax payers may have been disappointed with the size of their tax refund, or worse, surprised that they still owed the IRS money. Changes to the tax code have reduced the effectiveness of the current W4 in helping calculate how much federal income tax [...]
Exempt Employees: Current Rule According to the Department of Labor, executive, professional, administrative, and computer employees can be considered exempt from minimum wage and overtime under the white collar exception. In order to be considered "Exempt", however, this employee must also earn a minimum of $455 per week ($23,660 per year) under. Commissions and bonuses [...]
How to Identify Phishing Emails The IRS has issued a warning about an increase in phishing email scams directed at payroll and HR personnel. The scams generally involve employee W2's, direct deposit information, or wire transfers. If successful, these scams can cost your company and your employees thousands of dollars. Here is a description of [...]