A paid time off (PTO) policy commonly combines vacation, sick time, and some or all personal time into a single bank of paid days off for employees. The advantage to employees is that they get to manage their approved time away from the workplace while employers offer an affordable benefit that is highly valued by…
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How to Calculate Vacation Accrual (+Free PTO Calculator)
Small businesses offering paid time off (PTO) must manage accruals accurately to avoid labor law violations. Our vacation / PTO accrual calculator lets you determine the appropriate accrual rate to use per pay period based on your business work days, hours in a work week, and how many days of PTO / vacation you offer…
Health Insurance for Small Business: Cost, Features & Providers
Many insurance service providers manage small business health insurance for owners and their employees at affordable rates. Companies with as few as one staff member can offer health insurance benefits similar to what corporate enterprises provide. In fact, the best health insurance for small businesses is often available through companies offering human resource and payroll…
Setting Up a 401(k) Plan for Small Business: Beginner’s Guide
A 401(k) is a savings plan that provides retirement benefits for business owners and their employees. Setting up a Traditional 401(k) for your small business will help you attract and retain top talent while reducing employees’ tax liabilities. For help setting up a 401(k) without spending a fortune, follow our six steps below. For a…
Cafeteria Plan (Section 125): Features, Costs & Providers
A section 125 cafeteria plan lets a business owner offer affordable employee benefits while giving themselves a payroll tax break. Section 125 is officially an IRS pretax vehicle nicknamed “cafeteria plan” because employees can choose pretax benefits like medical or dental insurance or opt to receive the equivalent amount on their paycheck, paying taxes on…
How to Set Up an Employee Benefits Package in 6 Steps
Employee benefits are employer-hosted perks like health insurance, commuter benefits, 401k savings plans, and life insurance. Offering a benefits package can cost from $0 to hundreds of dollars per employee per month. An employee benefits package helps you attract and retain quality workers; you’ll need two things to start—a benefits provider and a budget. For…
15 Coolest Emerging Company Perks to Watch for in 2019
A 401(k) is a nice perk for employers to offer employees, but have you ever shared a keg with colleagues at the office or enjoyed an all-expenses-paid trip to Thailand? In our “I want it now” society, many companies are realizing that if they want to keep employees for the long term, they need to…
Top 25 Employee Incentive Programs from the Pros
Employee incentive programs are a way of compensating and motivating employee performance with pay and benefits. Most research proves that it’s not money alone that inspires employees to do their best. We therefore asked top business professionals and performance improvement experts what kind of employee incentive programs work best for them. Here are their recommendations….
HRA vs. HSA: Differences, How They Work & Which is Best for You
Health reimbursement accounts (HRA) and health savings accounts (HSA) are both used to reimburse employees for healthcare expenses using pretax dollars. The primary difference between them is that an HRA is funded by the employer whereas an HSA can be funded by either the employer or the employee if the employee is enrolled in a…
What is a Flexible Spending Account (FSA) & How Does it Work?
A flexible spending account (FSA) is a benefit you can offer your employees instead of or in addition to health insurance. It helps them pay for medical and/or dependent care and childcare expenses using pre-tax dollars. FSAs lower your employees’ taxable income at year-end, so they also lower your business’s payroll taxes. is an HR…
What is a Health Savings Account (HSA) & How Does it Work
A health savings account (HSA) is a pre-tax savings vehicle for people who have high deductible health insurance plans (HDHP) and want to set aside pre-tax dollars to pay for medical expenses. An HSA reduces employees’ out-of-pocket costs and lowers their year end tax liability. It also reduces employer payroll taxes. In this article, we…
Best States for Work Life Balance – Definitive Ranking of All 50 States
As a small business owner, you understand that time is money. Up to a certain extent, the more hours you work, the more revenues you can generate. However, putting too many hours into your business comes at the expense of leisure and sleep. You might make more money, but you could also suffer from the…