A U.S. Department of Labor final rule increases the salary thresholds used to determine whether executive, administrative, and professional employees are exempt from overtime pay under federal law. While the increased thresholds are likely to result in a significant number of employees who were previously exempt now qualifying for overtime pay, employers also need to consider how the increased thresholds may indirectly affect their benefit offerings. This Compliance Bulletin explains further.
Whether you are part of an HR team at your organization, or one person juggling HR amongst your other responsibilities, Mineral solutions are here to help you save time and headaches tackling common HR and compliance challenges.
Join Mineral experts, Renee Farrell, HR Expert, and Aurelia Bell, Associate Product Marketing Manager, for a high-powered session on how you can leverage your Mineral tools to navigate today’s workplace challenges.
Many Large and High-Risk Industry Employers Subject to the Requirement
Employers are reminded that they may be required to electronically submit information from their 2018 OSHA Forms 300A to OSHA by March 2, 2019. By that date, the following establishments, if currently required to comply with OSHA’s recordkeeping requirements, must electronically submit this information through OSHA’s Injury Tracking Application (ITA):
Establishments with 250 or more employees in industries covered by OSHA’s recordkeeping requirements; and
The Internal Revenue Service (IRS) has released Notice 1036, Early Release Copies of the 2018 Percentage Method Tables for Income Tax Withholding. The notice updates the income-tax withholding tables for 2018, reflecting changes made by the Tax Cuts and Jobs Act. Highlights of the notice include the following:
Early release copies of the percentage method tables for income-tax withholding that will appear in Publication 15 (Circular E), Employer’s Tax Guide
Social Security and Medicare tax rates for 2018
Additional Medicare Tax withholding rates
Employers should begin using the 2018 withholding tables as soon as possible, but not later than February 15, 2018. The new withholding tables are designed to work with the Forms W-4 that workers have already filed with their employers.
To help taxpayers determine their withholding, the IRS is also revising the withholding tax calculator on IRS.gov. The agency anticipates this revised calculator to be available by the end of February. Taxpayers are encouraged to use the calculator to adjust their withholding once it is released.
Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.
The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.
