A promissory note is a legal document that illustrates a written promise between two parties—typically a borrower (the note’s “payee”) and a lender (the note’s “issuer” or “maker”)—that states the terms and conditions of a financing agreement. It defines elements such as the principal loan amount, interest rate, maturity date, repayment schedule, collateral requirements, and…
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What Is a Jumbo Loan?
A jumbo loan, also commonly referred to as a jumbo mortgage, is a type of financing that is suitable for real estate purchases that exceed the maximum conventional loan amount designated by the Federal Housing Finance Agency (FHFA). These loans commonly have stricter qualification requirements but have comparable interest rates when compared with standard mortgage…
What Is Workplace Bullying? Types, Laws & How to Prevent It
Workplace Bullying Definition & Overview The definition of workplace bullying is any constant and repeated harassment or offensive actions toward another employee. Bullying goes beyond simple disagreements between coworkers; it is damaging behavior through intimidation, humiliation, or exclusion. This negative environment not only affects individual well-being but also undermines team dynamics and productivity. Unlike traditional…
What Is a Statutory Employee? Definition and Key Facts
A statutory employee is an independent contractor treated as an employee for specific employment tax purposes under federal law.
Statutory Employee Definition A statutory employee bridges the gap between a regular employee and an independent contractor. Regular employees work under direct supervision, have taxes withheld, and typically receive company benefits. Independent contractors maintain complete autonomy, receive 1099 forms, and handle all their own taxes. Here are the key characteristics of a statutory employee: Independent…
I-9 Form: Definition & Legal Requirements (+ Free Download)
The I-9 form is used to verify a person’s eligibility to work in the US. Workers provide identification, and employers physically verify these documents to confirm the employee’s work eligibility.
What Is the I-9 Used For? The I-9 form supports the Homeland Security procedure to ensure US employers hire employees who have the proper work eligibility and identification documents and should be part of your new hire onboarding process. This differs from a W-4 form, which provides similar information for tax purposes. To be in compliance, the I-9 form…
13 Benefits of Google Reviews for Your Small Business
For small businesses in any industry, one of the most effective yet underrated marketing strategies I always recommend is collecting Google reviews. If you’ve ever Googled a local business and decided to try it out because it had dozens of positive reviews, then you know just how powerful reviews can be. They instantly make a…
360 Feedback: Complete Guide + Free Review Template
360 feedback is a peer-to-peer feedback method that allows managers to view employees from the eyes of multiple reviewers. Learn the basics, how to conduct 360-degree reviews, and see how real companies put it into practice.
Download our sample template for conducting 360 reviews. What Is 360-degree Feedback 360 feedback (or 360-degree feedback) is a type of employee performance review in which an employee receives feedback not just from their direct supervisor but also from peers and, when applicable, direct reports, subordinates, and customers. Feedback is generally anonymous, and the number…
IRS Vacation Home Rules & Loss Limitations
The tax treatment of vacation rental property depends on how many days you rent it out and how much you use it yourself. If you rent your vacation property for less than 14 days a year, then you don’t have to report the rental income—plus you don’t deduct the expense of renting. However, if you…