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About 4 million lower-paid U.S. white-collar workers will qualify for overtime pay they didn’t get before, thanks to a new rule announced last week by the Biden administration.
The U.S. Department of Labor rule will require employers to pay overtime premiums to workers who earn a salary of less than $1,128 per week, or about $58,600 per year, when they work more...
Companies of all sizes will have to reclassify workers who will now qualify for overtime pay — and make sure they track hours and pay them properly.
Retroactive overtime (ROT) is an additional amount of money that is awarded when an employee has a combination of overtime and an additional amount of money, such as a commission or a bonus that is guaranteed based upon work requirements. Overtime is required to qualify for retroactive overtime.
A pay-as-you-earn tax ( PAYE ), or pay-as-you-go ( PAYG) in Australia, is a withholding of taxes on income payments to employees. Amounts withheld are treated as advance payments of income tax due. They are refundable to the extent they exceed tax as determined on tax returns.
— Contact Gusto’s dedicated care team with their benefits-related questions. — Access their paystub and plan data in one place.” In 2014, when Gusto was named ZenPayroll,VentureBeat listed Gusto among the best back-office software for small businesses.
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