What Is The Minimum Wage?
In May 2007, Federal minimum wage was increased to $7.25 per hour, but will be implemented in three stages ($5.85 by July 24, 2007, $6.55 by July 24, 2008 and $7.25 by July 24, 2009). However, …
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Do I have to pay my employees overtime?
Generally, if you allow your employees to work overtime, or more than 40 hours in a one week period, the Fair Labor Standards Act (“FLSA”), which is a federal law, requires you to pay your employees premium pay, or at least one and one-half times your normal pay rate, for those overtime hours worked. However, the FLSA contains several exceptions to the overtime pay requirement …
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What You Need to Know about 401k Withdrawals
401k plans are common retirement investment tools for United States workers. The plans, named for the section of the IRS code that defines them, allow workers to save for retirement and to defer income taxes until the time the money is withdrawn. However, with these tax benefits come restrictions on when money can be withdrawn from the plan without financial penalties. 401k withdrawals …
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