Will you have 27 pay periods in 2010?

Posted Jan. 1, 2010

Companies whose first payday of 2010 falls on January 1st, and whose pay periods are every other week, are directly affected

It is a simple matter of math that is affecting standard pay periods in 2010. If your company is on a bi-weekly pay schedule, and the first scheduled payday for 2010 falls on January 1st, you will need to adjust your employees' gross wages per pay period for salaried employees.

The adjustment is minor and easy to compute. Salaried employees' annual
compensation will need to be divided by 27 - not 26. Only if your first payday in 2010 is January 1st, will this directly affect you. If you are on this pay schedule, there will be three months with three pay periods in them - January, July and December. Without making the adjustment, salaried employees would be paid more than their annual compensation.

Click here to download this important LBA Alert to learn more.

 

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Significant Increases to Florida Unemployment Tax Rate
and Base

Posted Jan. 1, 2010

Facing the highest unemployment rate since 1975, the State of Florida is borrowing approximately $300 million per month to pay unemployment compensation benefits. Due to this deficit, effective January 1, 2010, an employee’s taxable wages for unemployment will increase from $7,000 to $8,500.

Click here to download this important LBA Alert to learn more.