Companies can no longer ask candidates about their current or past salary in New York & California
New York and California recently passed laws that prohibit employers from asking candidates what they are currently making or what they earned in the past. The law, already in effect in Massachusetts, Oregon, and Delaware, is intended to address the issue of gender-based pay inequalities.
Research has shown that people who start their careers with lower salaries tend to remain locked into the lower end of salary ranges for future jobs.
For companies, the consequences of gender discrimination in pay can range from low employee morale and negative media coverage to lawsuits. To protect your company, research what other companies pay for similar positions and ensure that the offered salary will be competitive.
Employers must now tread carefully when it comes to the topic of salary.
For assistance
Contact your Escalon HR Representative
FAQ estimated taxes. What corporations need to know.
When are estimated tax payments due?
There are four quarterly installments. Each is due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. If an installment due date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next regular business day.
What if I carry forward losses?
Carried- forward losses can be used to set off current year income.
What if I failed to pay the third installment?
A missed payment for the 3rd Installment can be submitted while making a payment for the 4th Installment. You may still be subject to interest and/or penalties for not making the 3rd installment payment by the due date.
There can be substantial penalties if you don’t withhold enough estimated taxes.
For assistance
Contact your Escalon tax expert
Should startups offer 401k plans?
According to the US Census research, only 14% of all employers offer a defined retirement contribution plan to employees. Since typical 401k providers can charge over $6,000 for a plan and take 1.25% for the investment cost, many startups tend to believe it's too expensive or labor-intensive to offer retirement savings plans.
But, the options for 401k plans have improved. Today, companies can access plans that offer:
Fiduciary Compliance
Companies can get into trouble if they don’t oversee whether employee investments are performing well. Look for a company that limits your liability by also offering fiduciary compliance.
Partnership
Look for a provider that charges a flat yearly rate and handles all the administrative responsibilities, from annual compliance testing, making payroll contributions on time, and ensuring employees have all the proper information.
Fast Onboarding
Expect to onboard within 24-48 hours, not the traditional 4-6 weeks. A next generation partner can integrate directly into your existing HR and Payroll systems to provide seamless onboarding.
Offering employees a 401k plan signals long term stability and prevents talent poaching. Escalon works with 401k retirement plan providers who can bring these type of Fortune 500 pricing and benefits to small businesses.
For assistance
Contact your Escalon HR Representative
Authors
Kanika Sinha
Kanika is an enthusiastic content writer who craves to push the boundaries and explore uncharted territories. With her exceptional writing skills and in-depth knowledge of business-to-business dynamics, she creates compelling narratives that help businesses achieve tangible ROI. When not hunched over the keyboard, you can find her sweating it out in the gym, or indulging in a marathon of adorable movies with her young son.
