Exempt employee
Exempt Employee: Definition and ExplanationAn exempt employee is a worker who is excluded from the wage and hour protections outlined in the Fair Labor Standards Act (FLSA). These employees are typically paid on a salary basis and are not entitled to overtime compensation or minimum wage guarantees under federal law, provided they meet specific criteria […]
Escheatment
Escheatment: Meaning and OverviewEscheatment refers to the legal process by which unclaimed or abandoned assets are transferred to the state, often due to the absence of a legally recognized heir following a person’s death. This process can also apply to unclaimed employee wages, such as paychecks that were never cashed or direct deposits that were […]
Employer Identification Number (EIN)
What Is an Employer Identification Number (EIN)?An Employer Identification Number (EIN) is a unique nine-digit number issued by the Internal Revenue Service (IRS) to identify businesses for tax purposes. Think of it as a Social Security number, but for your company. It usually follows this format: 00-1234567 and is used to track tax obligations and […]
Employment contract
Employment Contract: Definition and OverviewAn employment contract is a formal agreement that sets out the expectations, responsibilities, and obligations between an employer and an employee. While such agreements can be verbal, implied, or in writing, they are most commonly structured as written documents that are legally enforceable. These contracts typically outline essential employment terms, including […]