Knowing the cost of your travels, whether for work or personal reasons, is very important. Some people focus mainly on the federal reimbursement rates to gauge how much their remuneration will be, but being able to calculate your actual expenses in advance is equally as important. Calculating the cost of gas before you leave is a great way to budget yourself by simply finding out how much this trip will cost you.
Tag: business math
Pay cuts aren’t ideal; however, they’re sometimes the only option when an employer faces difficult economic periods. As the coronavirus takes its toll on the economy, many employers have had to make the unfortunate decision to cut many employee’s wages. Some small business owners were lucky enough to obtain Payment Protection Program (PPP) loans. This money allowed business owners to pay their employees and get back on their feet; however, the money given was often not enough to pay all employees their original wages. If you received news that your pay decreased and you need to know what your new salary or hourly wage is, read this article or you can try our free pay cut calculator.
A full-time equivalent (FTE) calculation is normally used as a way to analyze an industry or to measure an employee headcount for projects, profits, or revenues. It’s also incredibly useful for business owners to stay compliant with the Affordable Care Act (ACA) or other laws. Nowadays, many business owners must calculate their FTEs in order to receive Payment Protection Program (PPP) loan forgiveness. Business owners must prove that they maintained the same number of FTEs during the 24-week period to receive full loan forgiveness.
No matter the case, if you need to learn how to calculate FTEs, we’ve got you covered.
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.
If you need to calculate a payout, try our handy PTO payout calculator.
Giving your employees time off is a benefit that isn’t required by the FLSA. Since time off is nonobligatory, most employers believe that they are exempt from paying out employees when they leave. Although the federal government doesn’t regulate time off and payouts, state governments have different rules.
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.
Timesheets.com has a handy calculator for simple regular rate calculations when there are two rates for two different jobs.
Calculating mileage reimbursement starts by knowing when you actually need to reimburse your employees. Although many employers think that they…