Inaccurate tracking of overtime hours leads to employees being paid wrong. Improper pay can lead to extensive hours of payroll corrections and fines that cost your business time and money.
Unless they have an exempt status, employees covered under the Fair Labor Standards Act (FLSA) must receive overtime pay for all hours actually/physically worked once they reach the threshold of 40 in a seven-day workweek. The rate should be no less than 1.5 times their regular rate of pay. The act does not automatically require overtime pay for work on Saturdays, Sundays, holidays, or regular days of rest unless overtime is worked on such days.
Overtime errors can crop up if you miss paying for hours employees work during break times or for time spent traveling and/or performing required activities outside of normal hours, such as attending mandatory training or company parties.
When to pay travel time is dependent upon the kind of travel involved: An employee traveling from home before his or her regular workday and returning home at the end of the workday is considered to be engaged in ordinary home-to-work travel, which is not work time.
Travel time spent by an employee as part of his or her principal activity, such as travel from job site to job site during the workday, is work time and must be counted in his or her hours worked.
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Because of the pandemic, millions of Americans lost jobs permanently or temporarily in 2020 and received unemployment benefits issued by state agencies. However, in some cases, criminals sought to exploit the situation, filing for fraudulent unemployment benefits using stolen identities.
Because unemployment benefits are taxable income, states issue Forms 1099-G, Certain Government Payments, to recipients and to the IRS to report the amount of taxable compensation received and any withholding. Box 1 on the form shows “Unemployment Compensation.”
Taxpayers who received a Form 1099-G for 2020 unemployment compensation that they did not receive should take the steps outlined at Identity Theft and Unemployment Benefits.
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The first Form W-2s were issued to employees in 1944. In 1965, the form’s name was changed from “Withholding Tax Statement” to “Wage and Tax Statement” (its current name). In 1978, the form’s appearance was changed to its modern style of numbered boxes.