How to Calculate & Process Retroactive Pay
Retroactive pay (retro pay) is a payment made to an employee to make up the difference between what was paid and what should’ve been paid. It can occur when salary is increased in the middle of a pay cycle or a bonus that was earned in a prior pay period is paid. Disclaimer: Fit Small […]
Setting Up a 401(k) Plan for Small Business: Beginner’s Guide
A 401(k) is a savings plan that provides retirement benefits for business owners and their employees. Setting up a Traditional 401(k) for your small business will help you attract and retain top talent while reducing employees’ tax liabilities. For help setting up a 401(k) without spending a fortune, follow our six steps below. How a […]
The Ultimate Guide to Payroll for Nonprofits
Payroll for nonprofits varies depending on your organization’s structure. Like for-profits, all nonprofits must pay and withhold FICA taxes, but 501(c)(3)s are exempt from paying federal unemployment taxes (FUTA). You can pay from $0 to $100s per month for a payroll service to handle your taxes, and some offer discounts to nonprofits. If you need […]
How to Provide a Welcoming Employee Onboarding
“If you want people to perform well, you have to get them off to a good start. That’s kind of obvious, isn’t it?” – Dick Grote, author of How to Be Good at Performance Appraisals After a lengthy search, you’ve finally found the perfect candidate to fill that open position on your team. Congratulations, but your […]
What Is a Holiday Pay Policy [+ Free Policy Template]
U.S. small businesses give employees an average of 7.6 paid holidays a year, typically including New Year’s Day, Memorial Day, July 4th, Labor Day, Thanksgiving, and Christmas. If an employee is required to work on a holiday, businesses often provide additional compensation and/or a floating day off instead. If you want to easily manage time-off […]
Free SEP IRA Calculator
How to Read Your SEP IRA Calculator Results Suggested Employer SEP IRA Contribution: Your suggested contribution should be the same as the desired amount that you input unless your desired contribution exceeds 25 percent of income or $55,000. If your income is too low, your desired contribution may be too high. If your suggested contribution […]
Open Office Design: Do or Don’t?
Businesses around the world are reshaping their office culture – literally. Open office spaces are featured in big name companies like Google and Facebook, but are the benefits really worth overhauling your workplace? We can’t deny it, there are certainly some major benefits to having an open office space. Boost interaction and collaboration First and […]
The Top 17 Most Misleading Job Titles
You might think that all job titles are self-explanatory, but that would be an incorrect assumption. In fact, job titles are often misleading and many unknowing and eager applicants often find that the tasks they end up doing are far from what they thought. For example, imagine applying for a key hanger position, thinking you’ll […]
Salary vs. Hourly — Which is Right for Your Small Business
A salaried employee is one that is paid a fixed rate at set intervals for a job whereas an hourly employee is paid by the hour for work performed. There are pros and cons to paying salary vs. hourly. We’ll discuss the benefits of each type of employee pay, such as ease of administration and […]
Employee Stock Ownership Plan: How ESOPs Work & Who They’re Right For
An employee stock ownership plan (ESOP) is a qualified defined-contribution employee benefit plan that provides the employees of a business an ownership interest in that business. An ESOP is used by employers to either reward employees or as an exit strategy from business ownership. If owned by an ESOP, the business can receive great tax […]
