Month: March 2016
Is it possible to have two leap years back to back? For HR and payroll professionals, the answer is yes with two anomalous payroll years in a row. With 27 pay periods in 2015 and 366 days in 2016, employers should review their payroll and employment tax practices, and communicate with employees about any potential impact to their paychecks.
Most employers have already decided how they’ll address the extra pay period occurring in 2015, but some employees could still have questions. While some employers will divide a salaried employee’s yearly payment total by one extra period (for example: a worker’s typical salary would be divided between 27 bi-weekly payments as opposed to the usual 26), others may elect to pay their employees for an extra pay period at their regular rate of pay. An unchanged yearly payment stretched over an extra pay period will help keep payroll costs stable, but it means that employees will see lower payments each period than they may have expected. On the other hand, one extra paycheck at the usual rate means a plus for employees, but it also increases payroll totals on the year.
Just as HR professionals put the irregularity of 2015 behind them, 2016 will bring a calendar leap year and yet another payroll quandary. Employers will need to make sure they’re complying with any payroll tax implications of the unusual payroll year. With leap day falling on Monday, February 29, 2016, many salaried workers may wonder how their compensation will be affected and ask, “Is the company getting an extra day of work for free?” “TODAY” addressed this question during the last leap year in 2012; it turns out the answer depends on your current pay practices. A typical year has 52 weeks plus one day, but a leap year has 52 weeks plus two days. That extra day could mean another paycheck for employees if it falls on a designated payday in your payroll system. For businesses using accrual accounting systems, the extra day could be built in to the yearly total, and for hourly workers, it will mean an additional opportunity to log hours. Discussing how your business will account for the leap year with your workers can help reduce confusion.
No matter your payroll structure, be ready to explain the implications of a leap year with any concerned employees and make sure your employment tax processing accounts for any changes your payroll team makes for 2016.
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If your 2016 resolution is to spend less and save more, you’re not alone. A quarter of US consumers are making money-saving resolutions, according to Nielsen surveys.
While everyone sets out with the best of intentions, the truth is that only eight percent of us are successful at achieving our New Year’s goals, according to research published in the University Of Scranton Journal Of Clinical Psychology. With a little preparation you can be the exception to the rule
While you may think that saving money, getting promoted at work and earning a significant pay increase sound like great aspirations, you may be biting off more than you can chew. Instead of making a long list of possible resolutions, determine one or two top priorities so you can fully devote yourself to those goals.
Make Measurable, Attainable Resolutions:
Once you’ve set your money-saving goals, determine how you’ll measure success. For example, if you are saving for your dream vacation, determine how much to set aside for the trip and how much to save each month to reach that goal. Then, set short- and long-term milestones to help you stay motivated.
Save for a rainy day:
Putting away a small amount every week for emergencies can add up to big savings in the long run.
Replace household items:
Even though your refrigerator or fixtures may be working fine, they may be using more energy or water than they should. To save on water bills choose a quality faucet with a lower flow rate. For example, the new Kaden high-arc pull-down kitchen faucet from Moen offers a low flow rate with a sleek design that’s easy on the wallet. It’s long-lasting, too, which also saves money in the long run, as it’s offered in Moen’s exclusive Spot Resist Stainless finish, which helps resist fingerprints and water spots to maintain the brilliance of the fixture.
Re purpose your stuff:
One way to save is by re-purposing what you already own. Use the New Year as a time to clean out closets, empty storage units and breathe new life into items by refinishing furniture or updating existing pieces of clothing. You can even sell clothes you don’t wear as often through your own shop on websites like eBay or Posh mark.
Heat up your savings:
If you rely on oil to heat your home, contact your energy provider to determine whether you can pre-pay to lock into lower rates. This way, you won’t have to worry about rising prices when the temperatures go down. Setting achievable goals and planning ahead can help you stick with your resolution to save money.