Compensation Archives - Patriot Software Wed, 26 Jul 2023 20:07:17 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png Compensation Archives - Patriot Software 32 32 Ready to Dive Right Into Tip Pooling? Read This Before You Take the Plunge https://www.patriotsoftware.com/blog/payroll/tip-pooling/ Thu, 29 Dec 2022 21:35:19 +0000 https://pslohio.wpengine.com/uncategorized/tip-pooling/ In many types of service industries, employees can receive tips in addition to their regular wages. If your employees earn tips, you may consider giving tip pooling a try. Keep reading to learn all about tip pooling, including how it works and tip pooling laws you need to follow. What is tip pooling? So, how […]]]> How to Handle a Tipped Employee and Their Pay https://www.patriotsoftware.com/blog/payroll/employees-receive-tips/ Tue, 20 Dec 2022 18:58:17 +0000 https://pslohio.wpengine.com/uncategorized/employees-receive-tips/ As a business owner and employer, there may be times when your employees receive tips. But, does receiving a tip from a customer automatically make an employee a tipped employee? And if so, what are the laws, regulations, and requirements for tipped employees and their wages? Keep reading to learn more about how to handle […]]]> What Is Per Diem? https://www.patriotsoftware.com/blog/payroll/what-is-per-diem-pay/ Tue, 20 Dec 2022 13:33:46 +0000 https://pslohio.wpengine.com/uncategorized/what-is-per-diem-pay/ When employees incur travel-related business expenses, you might consider covering their costs. You can reimburse employees for expenses by giving them per diem pay. What is per diem pay?   Per diem meaning Per diem is a daily allowance you give employees to cover travel-related business expenses. Per diem means “for each day.” You give […]]]> What Is Profit Sharing, and How Can it Benefit Your Business? https://www.patriotsoftware.com/blog/payroll/what-is-profit-sharing/ Mon, 19 Dec 2022 16:18:34 +0000 https://pslohio.wpengine.com/uncategorized/what-is-profit-sharing/ This article has been updated to include 2023 information. Looking to offer your employees an additional benefit? Consider creating a profit-sharing plan. But before you run off and create a plan, you need to know what is profit sharing. Read on to learn all about profit sharing, including how it works and steps for creating […]]]> What Is Commission? https://www.patriotsoftware.com/blog/payroll/what-is-commission/ Fri, 16 Dec 2022 15:33:37 +0000 https://pslohio.wpengine.com/uncategorized/what-is-commission/ Typically, employers provide hourly or salary wages to workers. However, some business owners pay commission to employees. What is commission?   What is commission pay? Commission is what employees earn when they make a sale or accomplish some other goal. Commissions can be a percentage of a sale or a flat amount based on the […]]]> What You Need to Know About Supplemental Wages https://www.patriotsoftware.com/blog/payroll/supplemental-pay/ Thu, 15 Dec 2022 20:04:33 +0000 https://pslohio.wpengine.com/uncategorized/supplemental-pay/ Regular wages aren’t the only compensation you could provide to employees. You might also offer supplemental wages. Not sure what those are? Read on to learn what supplemental pay is and how it is taxed. What are supplemental wages? Supplemental pay is money that employees receive in addition to their regular wages. Supplemental wages include: […]]]> What Is the Bonus Tax Rate? https://www.patriotsoftware.com/blog/payroll/how-bonus-tax-rate-different-percentage-aggregate/ Tue, 13 Dec 2022 21:41:00 +0000 https://pslohio.wpengine.com/uncategorized/how-bonus-tax-rate-different-percentage-aggregate/ Picture your star employees and how much value they add to your business. Many employers recognize their employees’ value with bonus pay. When you give an employee a bonus, you are required to withhold taxes on the additional money. To figure out how much to withhold, you need to understand the bonus tax rate. Supplemental […]]]> Everything You Need to Know Before Offering a Sign-on Bonus https://www.patriotsoftware.com/blog/payroll/sign-on-bonus/ Mon, 31 Oct 2022 16:39:45 +0000 https://www.patriotsoftware.com/?p=59404 You’re struggling to find good, quality candidates to fill an open position. Or, you’ve found the perfect candidate and want to sweeten the job offer. What do you do? In either case, you may consider offering a sign-on bonus. But before you advertise a $500, $1,000, or $5,000 (you get the picture) sign-on bonus, you […]]]> What Are Allocated Tips? https://www.patriotsoftware.com/blog/payroll/what-are-allocated-tips/ Tue, 18 Oct 2022 20:52:35 +0000 https://pslohio.wpengine.com/uncategorized/what-are-allocated-tips/ In the foodservice industry, tips are an important part of employee compensation. Tips are added to employee wages so they can earn at least minimum wage. But, what happens when a tipped employee earns few tips? What are allocated tips? Allocated tips are amounts given to tipped employees in addition to the tips they report. […]]]> How to Pay Yourself from Your Business https://www.patriotsoftware.com/blog/payroll/how-to-pay-yourself-small-business-owner/ Mon, 17 Oct 2022 19:13:37 +0000 https://pslohio.wpengine.com/uncategorized/how-to-pay-yourself-small-business-owner/ You know by now that running your own business doesn’t mean you sit around as stacks of cash come flooding into your office. Being a business owner means being busy nonstop to keep up with operations. Since running a business is your full-time job, you need to know how to pay yourself from your business. […]]]>