Payroll

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Summary. Payment in arrears refers to a payment arrangement where an individual or business pays for goods or services after they have been provided. It is the opposite of payment in advance, in which payment is made before goods or services have been delivered. Payment in arrears is a common, widespread practice in many industries […]

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Paid In Arrears: Pros And Cons

How Many Payroll Weeks In A Year?

Summary. The payroll year is a 52-week period (depending on payroll schedule) that companies use to calculate and report employee earnings and taxes and is usually aligned with the calendar year. Payroll weeks or pay periods are specific timeframes in which employers calculate and pay employees for their work, with common intervals including weekly, bi-weekly, […]

Outsourcing Services: What Outsourcing Is And How To Do It

Summary. Outsourcing is a business strategy that involves contracting out certain services or tasks to third-party providers. Outsourcing enables companies to leverage the expertise and resources of external vendors, allowing them to focus on their core competencies and reduce operational costs. Some benefits of outsourcing business services include access to specialized expertise, improved efficiency, reduced […]

What Is An Acknowledgment Receipt? (With Template And Examples)

Summary. An acknowledgment receipt is a document used to confirm that an item has been received under specified conditions. This is usually found when employees receive official documents such as an employee handbook or when customers are sent important goods by a company. When employees or clients are given important documents or valuable items, it […]

OTE: On-Target Earnings Defined (With Examples)

On-target earnings (OTE) is a metric that predicts how much an employee will earn in a year if they meet all of their performance targets.

Guide To Workers’ Compensation Insurance For Small Business

Workers’ compensation insurance covers the medical bills for workplace injuries. It’s mandated in almost the entirety of the United States for business with employees, meaning that it’s likely that your small business will need it. It has other benefits as well, such as preventing small businesses from going bankrupt due to a workplace injury and […]

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Guide To Workers’ Compensation Insurance For Small Business

EIN And Tax Requirements For Small Businesses

Running a business means that there will be more complex taxes than if you work for one. This involves taxes that businesses pay on behalf of their employees, as well as various taxes related to running a business. Different goods and services can require other types of taxes, and different states have different requirements. Key […]

What Is Back Pay? [HR Definition]

Back pay is the amount of money from salary or other benefits that an employer owes an employee. For instance, if an employee is terminated but hasn’t received their last paycheck months later, that can be termed back pay. Or if someone was contracted to do work and they did it but were only paid […]

What Is Incentive Pay (And How To Implement It)

Incentive pay is usually tied to performance or achieving pre-defined objectives and is a way for employees to make additional income or get a bonus. It’s designed to provide motivation or incentive for employees to work harder, which is why it’s called incentive pay. It can be a great way to boost morale and sales, […]