New Overtime Pay
Employees who make less than $35,568 are now eligible for overtime pay under a final rule issued today by the U.S. Department of Labor (DOL). The new rate will take effect Jan. 1, 2020.
To be exempt from overtime under the federal Fair Labor Standards Act (FLSA), employees must be paid a salary of at least the threshold amount and meet certain duties tests. If they are paid less or do not meet the tests, they must be paid 1 1/2 times their regular hourly rate for hours worked in excess of 40 in a workweek.
The new rule will raise the salary threshold to $684 a week ($35,568 annualized) from $455 a week ($23,660 annualized).
New Tax Withholding Estimator
The IRS has implemented a great new tool to help you estimate just how much you should be withholding to make sure you have the right amount of tax withheld from your paycheck at work.
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Labor Law Poster Changes
Employers in all states must make sure that their state labor law posters are up-to-date on a regular basis. Here are a few state changes and their effective dates:
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New tax withholding tables are issued
The IRS on Thursday issued new income tax withholding tables that reflect new tax rates and other changes for individuals implemented by P.L. 115-97, known as the Tax Cuts and Jobs Act, enacted Dec. 22 .
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Overtime Rule Changes Halted
Judge Grants Injunction Until Final Decision Can Be Reached.
On Tuesday, November 22, Judge Amos Mazzant III issued an injunction blocking the overtime rule changes that were set to take effect on December 1. These changes would have raised the white collar exemption from $455/week ($23,660/year) to $913/week ($47,476/year) and provided for future adjustments to the exemption on a triennial basis.
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The Importance of Labor Law Posters
Why is it so important to post labor law posters? Labor law posters define those federal and state employment-related laws that all employers must comply with in their place of business. In addition, employers are responsible for making sure that the posters are posted in an area where all employees have access to read them.
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Did You Know?
Effective July 1, 2014 – in Indiana – an officer of a corporation CAN NOW elect to be excluded from workers compensation coverage. An officer exclusion form needs to be completed and forwarded to the insurance carrier. If the policy is currently in force, an exclusion form can be completed and the officer will be excluded effective July 1, 2014.
Potential 2015 FUTA Credit Reduction States
The Federal Unemployment Tax Act (FUTA) has always been an odd payroll tax. The Act states that the FUTA rate is 6.0%, but feeling magnanimous, the Feds grant you a credit of 5.4%. So really the rate that most employers face is 0.6%.
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Sponsors of group health plans that provide prescription drug coverage…
Sponsors of group health plans that provide prescription drug coverage must notify Medicare-eligible participants and beneficiaries as to whether the drug coverage offered is “creditable” or “non-creditable” prior to October 15th.
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