A paid time off (PTO) payout is compensation for earned time off that an employer must pay employees when they leave their jobs. Although the FLSA doesn’t require business owners to give their employees time off, some employers who give time off benefits to their employees must pay out their employees when they leave the company under law. Why is that? Some states require employers to handle an employee’s accrued vacation hours in a certain way. According to state law, former employers must give their employees the cash value of their accrued time off balances upon leaving.
Category: Business Math
Every so often it’s time to give your employees raises. When and how you give those raises is entirely dependent on you. You have the choice to give raises by a percentage or flat rate. Most businesses calculate raises by percentage and we have a great article on that topic here. In this article, we’ll be focusing on the flat rate raise.
Many businesses have employees that get paid multiple pay rates during their shift. This happens when they perform more than one specific job function. For those employees, the hourly rate depends on the job they are working on at the time. Hourly rates by job can vary when employees work in the construction, plumbing, caretaking, landscaping, and many other industries. When you have an employee that works under different rates, you need to make sure that you are calculating their regular pay rate properly for overtime. Unless your employee is specifically exempted, employees working at more than one job rate covered by the FLSA must receive overtime pay at their regular rate and not at the specific rate for the job they are doing when overtime is incurred.
Calculating mileage reimbursement starts by knowing when you actually need to reimburse your employees. Although many employers think that they have to pay for mileage , the federal Government does not require you to reimburse employees. However, there are certain states that have regulations. California, for instance, requires employers to reimburse employees for any losses incurred while completing work duties.
The IRS sets the mileage reimbursement rate for employees who drive their own Privately Owned Vehicles (POV), but this rate is a guideline for employers and a tax deduction opportunity for employees. You can choose whether or not you want to pay your employees more or less than the IRS rate. Also, keep in mind that you have to follow your state’s reimbursement regulations as well. In Addition to that, under FLSA regulation, you must pay your employees the standard minimum wage. If their expenses lead them to an hourly rate below minimum wage, you will have to assist them with the cost.
The IRS has a guideline for reimbursable and non reimbursable expenses when an employee uses their own POV for business duties. Here are some reimbursable and non reimbursable expenses:
Calculating the sale price of an item is one of the few math problems that most people will actually use after high school. Nevertheless, many of us don’t know how to do it. Not knowing what the price will be at checkout is frustrating. And not knowing how to help customers is even more frustrating. Thankfully, there are some tricks to make it easier.
Markup is the percent of increase in selling price from the original cost. Companies mark up products they sell in order to make money for their business. How much they mark up the products depends on many factors, including demand, whether the product is a luxury item, and so forth. Some items are marked up considerably. It’s hard to believe we pay what we do for common items.
But when a clerk counts up from the total and stops at the amount tendered, it is a relief for you and a guarantee for her that the amount is correct. Not everyone is a natural with numbers so I’ll outline the steps to make it easy.
There are a few problems relating to percents that anybody might come across in everyday life and want to solve. I am going to show you how to solve a few of these problems, no matter how they are presented, whether it be to find the percent of a number or to find the answer to a percentage word problem. You will also learn how to easily find a percent increase.
Calculating overtime by hand can be risky. The Federal and State governments have set a lot of rules to ensure that employees get paid fairly for the time they work over 40 hours, and if a company doesn’t know and follow all of those rules, overtime lawsuits often result.
With all the talk about raising the Federal minimum wage to $10.10 per hour, business owners are thinking about living wages and how to ensure that they are paying their employees enough money to satisfy their basic needs.
Coming up with a blanket “living wage” might be a good start for helping lift millions of Americans out of poverty, but I think it’s worth noting that a living wage is personal and will vary from person to person.