Are you miscalculating pay?

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.

Is your time worth $500?

Do you have reliable and secure credit card processing services? Not only does Franklin Payments deliver this, but the company also streamlines the process seamlessly to help you save money.

Let us prove it: Share two months of your processing statements with us, and if we can’t meet or beat your current provider’s effective rates, we’ll give you $500. Accept payments in the store, online, or on the go. We have payment solutions for today’s commercial environment!

Call PSS at 215-624-0922 for additional information!

IRS warns about identity theft and unwarranted unemployment benefits

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.

  • COVID-19 Tax Tip 2021-24, People should be on the lookout for identity theft involving unemployment benefits

Get Rewarded for Telling Others About Us!

Take some time today to tell your friends and business associates about Payroll Service Solutions. If their company successfully becomes a new customer, our team will credit your next payment $50 or gift you personally a $50 Amazon gift card (your choice).

This program is unlimited—you are eligible to be rewarded for each referral that becomes a new customer! Click here to get started.

<5>Here’s How to Get Your Referral Reward

  1. Tell your friends and associates about the company and the services we offer.
  2. If they express interest and want to learn more, contact Lisa Cerrone at lisac@payrollservicesolutions.com or 215-624-0922 and provide their contact information, so she can answer any of their questions and get them signed up.
  3. When your referral successfully becomes a new customer, our team will apply your $50 credit or send you a $50 Amazon gift card.

FUN FACT:

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.