Compensation & Benefits

Never mind the myths—know the facts about Form 1099-NEC

10/16/2024

Completing Forms W-2, getting them into employees’ hands and e-filing with the Social Security Administration by Jan. 31, 2025, is challenging enough. Your stress compounds exponentially if, in addition, you handle Forms 1099-NEC for the company’s independent contractors. Here’s what you need to know for the upcoming 1099-filing season.

‘Anyway’ is an adverb, not a category of business expenses

10/16/2024

“Anyway expenses” aren’t a category of deductible business expenses. A business owner who billed himself as a tax expert peddling these “anyway expenses” and other dubious tax-avoidance strategies met his match when the Tax Court disallowed the vast majority of his expenses.

Benefits: Ease young workers’ financial stress

10/15/2024

According to a recent survey conducted by PNC Bank, three in five U.S. workers say they are living paycheck to paycheck. The feeling that they’re skating on financially thin ice is most prevalent among the youngest employees—members of Gen Z and millennials.

Time off to vote? It may be required in your state

10/15/2024

There is no federal law that requires employers to provide voting leave. Whether you provide paid time off depends on your policies and whether you are in a jurisdiction that requires it.

Social Security wage base increases to $176,100 in 2025

10/10/2024

The 2025 taxable wage base for the Social Security portion of FICA increases to $176,100, the Social Security Administration announced this morning. This is a 4.44% hike over the 2024 wage base of $168,600.

Employers embrace pay transparency

10/10/2024

New laws in a growing number of jurisdictions now require some form of pay transparency from employers. The House of Representatives has introduced the Pay Transparency Act, which would amend the FLSA.

The states with most stressed and most chill workers

10/07/2024

A study identified which states offer the best and worst working conditions, based on factors like average hourly earnings, working hours, injury rates, unemployment rates, commute times and remote work.

Baseball wildcard series Friday wrap: Federal contractor employees get raises, time is running out for 2023 1040s, disaster relief and more

10/04/2024

Raises for federal contractor employees, 2023 1040 deadline approaching, new CAF number process and more in the first wrap of October.

Ensure layoffs don’t target ‘costly’ workers

09/30/2024

When employers decide to reduce their workforces, it’s often because they need to save money. Laying off highly paid employees is one thing. It’s entirely another matter to target employees with costly medical problems that strain your self-insured health plan. That’s an almost foolproof way to trigger a lawsuit.

Gender wage gap widened for first time in two decades