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3 Types of Compensation Packages To Consider and Why

Achievers

Some folks are hourly, some are salaried, and depending on what role they play, others receive bonuses or commissions based on their performance. Straight salary compensation. Salaried employees are paid a set annual amount, and provided that amount is more than $23,660 per year, they do not receive overtime pay.

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Types of Wages That Might Come up in Your Small Business

Patriot Software

Some types of pay you offer employees can depend on your industry, business, and preference, like commissions. There are also mandatory wages, such as overtime. Read on to learn about the types of salaries and wages you may need to pay employees. You can pay an employee salary vs. hourly wages. Salary wages.

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What is a total compensation statement & how does it provide value?

Genesis HR Solutions

This includes gross wages and extra financial compensation, such as bonuses or commissions, as well as the employer-paid portion of retirement plan contributions, insurance premiums, and paid time off benefits. Following are items that would be listed on a total compensation statement: Salary/hourly wages. Commissions.

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Massachusetts wage and hour laws you need to know

Genesis HR Solutions

As an employer in the Commonwealth, you need to understand the complexities specific to Massachusetts salary laws, hiring, and employing workers. Most hourly (non-exempt) employees who work more than 40 hours in any week must be paid overtime. Overtime pay is at least 1.5 × the regular rate of pay for each hour over 40 hours.

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A payroll processing checklist for small businesses

Genesis HR Solutions

If an employee has been terminated, does this person have accrued unused vacation or paid time off (PTO)? Many states consider accrued, unused Vacation (or PTO) to be earned compensation, which is required to be paid out.). Are your employees hourly or salaried? Do your employees qualify for overtime? Commissions.

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Employee handbook examples and sample policies

Business Management Daily

Ensuring that employees understand overtime, break, and timekeeping procedures is essential to the operation of any business. Overtime must be approved by your supervisor in advance and should be included on the timesheet in your total hours worked. Employees may use accrued PTO to take off holidays not observed by the company.