Many businesses are facing economic hardships now that the coronavirus has considerably slowed consumer spending. Without an influx of income, many business owners made tough decisions to cut employee hours and pay throughout the past few weeks. As a result of this change, anxious employees try to figure out how to balance their new financial situations. In response to coronavirus’ economic effect on businesses, the federal government took action to provide relief.
Losing an employee is a confusing and painful time for many people. When a colleague passes away, employers not only grieve the loss of their team member, but they also have to figure out how to move the business forward. Although it feels like it’s not the best time, the business does have to take steps to ensure that the job position is filled again and that the necessary paperwork is taken care of. One of the first things that needs to be handled is the employee’s final wages. What does one do with their final paycheck? What happens to time off? And what taxes should be filed?
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.