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Court to Decide Fate of Overtime Pay Increase for Millions

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A coalition of prominent business groups has filed a lawsuit against the Biden administration’s new overtime pay regulation. The rule, set to take effect in 2024, extends mandatory overtime pay to an additional 4 million workers by raising the salary threshold for exemption to $58,600 annually.

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The Million Dollar-Mistake Businesses In California Cannot Afford To Make: Compliance Deadline Approaching!

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California’s Civil Rights Department has released new guidance on SB 1162 pay data reporting. California’s Civil Rights Department has released new guidance on SB 1162 pay data reporting. Calculate the mean and median hourly salary rates 2).

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Zoom Terminates Its President

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In February, Zoom drastically cut their workforce by 15%, laying off over a thousand employees. Last month Zoom CEO, Eric Yuan, also dropped his salary by 98% (a pay cut of $490,000) and waved his 2023 bonus. He is entitled to severance benefits as it was “termination without cause.”

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How to Start a Nonprofit Organization In 5 Simple Steps

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Donors asked if they can deduct the cost of the donated items on their tax return, and a few people suggested you make your project legal by filing for nonprofit status. Will the secretary be able to keep track of the records and filings? Each state has different rules and regulations for filing.

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4 Retirement Plans Small Business Owners Should Consider

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SEP IRAs also don’t require yearly filings like 401(k)s or other retirement plans. Employers must contribute equally : To contribute to a SEP IRA, business owners must contribute the same percentage of salary for each employee. Unlike a 401(k), the company is not required to do discrimination testing or file yearly reports.

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The 4 Best Retirement Plans for Self-Employed Individuals to Consider

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Under the nonelective clause, even if an eligible employee doesn’t contribute to the SIMPLE IRA, the employer must still contribute a percentage based on the annual salary cap of $330,000 in 2023. Employee salary reduction contributions are not tax deductible. A salary cap of $330,000 is used to calculate contributions.

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SEP IRA: What You Need to Know About This Retirement Plan Option

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Unlike other retirement plan options, there are no filing requirements or expensive fees to maintain a SEP IRA. Employers must make the same contributions, by percentage of salary, to each eligible employee’s account, including themselves. How does a Simplified Employee Pension plan work? It has low admin costs.