To negotiate payments with the IRS, file on time, check for errors, and propose a repayment plan with a realistic monthly payment. Notify the IRS in writing if you cannot make a payment and evaluate your withholding status to avoid future tax debt. Some people are unpleasantly surprised to discover that they owe more income […]
Wrongful termination compensation is paid to employees who have been unfairly fired, often due to discrimination or unlawful reasons. Compensation varies but can include pay for several months, extended benefits, and expenses incurred while looking for a new job. Employers who do not follow proper firing procedures may face a wrongful termination case. Compensation may […]
Pay to play is a provision in equity financing that requires investors to participate in subsequent share offerings to maintain their percentage interest in the company and avoid dilution. Failure to participate can result in loss of benefits and conversion of preferred stock to common stock. Pay to play is a term used in a […]
Paycheck calculators on the internet can help workers estimate net pay per paycheck or annual pay, and some can estimate the value of a paycheck based on taxes and deductions. They can also help workers increase take-home pay, but users must ensure they use region- and country-specific calculators for accuracy. Reliable calculators can be found […]
If someone can’t afford bail, they may have to stay in jail until their trial. Bonds can be obtained from organizations or by asking friends and family for money. Bail is refundable if the person returns for their trial. If all options are exhausted, the person must stay in jail until their trial. If a […]
A remuneration policy outlines how an organization will pay its employees, including base salary, conditions for salary increases, and additional benefits. It is designed to fit the organization’s objectives and is influenced by factors such as size, profitability, and industry benchmarks. Incentives are typically tied to performance, and the policy may include health care, retirement, […]
Incentive pay rewards good performance and can reduce expenses for employers. It can be random or scheduled, such as vacation bonuses or profit sharing. Voluntary redundancy can also be offered as an incentive during staff reductions. Incentive pay awards employees good performance and can encourage them to continue to perform at a high level. It […]
A pay stub is a document that accompanies a paycheck and provides information about the payment, including the amount paid, personal information of the employee and tax deductions. It is useful for record-keeping and tax purposes. A paycheck stub is typically the part of a paycheck that an employee keeps after depositing their paycheck or […]
Pay-on-demand means a specific person or group has direct ownership of a financial instrument, while pay-in-exchange allows anyone in possession full financial control. Pay-to-order and pay-to-the-bar are common methods, while pay-less documents provide full legal and financial control over the terms within. Checks are the most common example of on-demand payment systems. Pay-on-demand is a […]
To claim overtime wages, inform your employer and check if you qualify for overtime pay. If your employer refuses to pay, consult a legal professional and file a claim with the relevant agency. In the US, overtime is generally any time worked over 40 hours a week, and overtime wages are guaranteed by federal law. […]
Bank compensation policies include salaries and bonuses, which vary between banks and are tied to financial performance. Bonuses can be cash or stock-based, and may be paid regardless of market performance. Conservative policies reduce or end bonuses during weak market performance, and some banks disclose their policies in annual reports. Bank compensation refers to a […]
Child support is a court-ordered payment made by a non-custodial parent to a custodial parent to help with the costs of raising a child. Many parents avoid paying child support, but there are legal courses to follow, including working with the court to reach an agreement or finding the non-custodial parent in contempt of court. […]
The Making Work Pay tax credit was a temporary measure to help reduce the financial burden on taxpayers caused by the 2008 recession. It was available for 2009 and 2010 and had set limits for eligibility. The full amount was $400 for individuals and $800 for married couples filing jointly, and it was refundable. The […]
A pay as you go cell phone plan requires purchasing credit before use, with no monthly fee or contract. Users must periodically pay a minimum amount to keep their phone activated. Benefits include no credit card requirements and no monthly fees, but per-minute rates are typically more expensive and phones may have limited options. A […]
A salary scale is a document or table that determines an employee’s pay, often used by unionized companies to ensure fair treatment. Some companies use informal scales or arbitrary decisions to determine pay. A salary scale is a document or table designed to determine how much an employee will earn at their job. Many companies […]
Direct compensation includes salary, bonuses, and allowances, while indirect compensation includes retirement benefits and flexible hours. Both types provide incentives to reward employees for their hard work. Although there are several specific forms available, there are basically two main types of compensation, including direct and indirect. Direct compensation generally refers to any type of compensation […]
Trustee compensation varies based on whether it’s for-profit or not-for-profit, duties required, individual credentials, and prevailing industry standards. Nonprofit trustees are typically unpaid, but certain organizations may compensate them for professional services. Court-appointed trustees’ compensation is based on estate size and experience. For-profit corporations set compensation based on industry standards, unique value to the board, […]
Merit pay for teachers is a controversial pay system based on performance rather than tenure. It can reward good teachers and encourage professional growth, but evaluating teacher performance is difficult. Master teacher programs may be a better way to identify talented teachers. When applied well, merit pay can be beneficial, but poorly applied it can […]
Financial institutions evaluate borrowers’ ability to repay loans through analysis of current assets, employment status, and credit history. Without such standards, borrowers may take out loans beyond their means, leading to negative consequences like foreclosures. Ability to repay is a phrase used in connection with evaluating the financial ability of borrowers to repay the money […]
Willingness to pay is the maximum amount a consumer believes a product or service is worth, and is considered when setting prices and conducting consumer studies. It varies depending on personal assessment, branding, and value. Companies aim to hit a price point that generates profits, and this concept plays into cost-benefit analyzes and efficiency studies. […]
