Thursday, September 9, 2010

5 Tips on Employee Benefits Basics

Comply with the law to give employees time off for jury duty, voting and military service.

Follow all Occupational Safety & Health Administration (OSHA) and worker’s compensation rules. Remember to comply with tax law, withholding FICA taxes from payroll. Also, pay your part of FICA. Social security and Medicare are part of regular payroll taxes. Pay unemployment taxes and any additional state taxes. You can outsource your payroll to simplify this task and ensure compliance.

Remember the Federal Family and Medical Leave Act (FMLA) applies to companies with 50 or more employees. For more information, visit http://www.dol.gov/esa/whd/fmla.

Research employee benefits options. You can choose to offer retirement plans, health plans and dental/vision/prescription drug plans. Often a cafeteria plan allows you to set a benefit cost level for the company and give employees a choice of benefits.

Even if you are a very small firm, remember that all companies with employees should have an employee handbook that governs standards for your company and specifies vacation, sick leave and company policies related to personnel.

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