Guide to IRS Form 941 - Employer's Quarterly Federal Tax Return | |
As regulations for exempt employees evolve in 2024, it's vital to stay informed to avoid costly mistakes. Exempt employees receive a fixed salary and are not eligible for overtime, unlike non-exempt employee, who must be paid hourly and are entitled to overtime pay. Misclassifying workers as exempt or non-exempt can lead to significant fines and back pay, impacting your business. The Department of Labor (DOL) sets strict rules for these classifications, so understanding the differences between exempt and non-exempt employee is crucial. Payroll departments must ensure correct classification and payment practices to comply with DOL regulations and avoid penalties. Keep up-to-date with changes to effectively manage both exempt and non-exempt employee classifications in your organization. | |
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