PAID TIME OFF – GOT A PLAN?

September 11, 2023 - by TPC Payroll

A paid time off (PTO) policy is part of your employee benefits plan that governs sick leave, vacation, and personal time for you and your workers. It designates a specific amount of paid hours employees can use at their discretion.   There are many types of PTO policies.  You should consider your company culture and your employees’ wants and needs before deciding on the best PTO policy for your business.  Successful companies offer PTO to help workers achieve a positive work-life balance. Some PTO policies can also provide financial benefits for your business. For example, an open PTO policy that allows employees to take as much PTO as they want eliminates the need for the company to pay out unused vacation days if an employee quits or is laid off.   Here are a few questions to consider when considering different options: Am I required to provide paid time off and sick leave? Effective January 1, 2020, Nevada law requires covered employers* to provide earned paid leave, which employees may use for any reason, including those for which sick leave is typically used.   (*A covered employer is a private-sector employer with 50 or more employees with 20 or more workweeks in the current or preceding calendar year, including a joint employer or successor in interest to a covered employer; public agency, including a local, state, or Federal government agency, regardless of the number of employees).     Do you track paid time off and sick time? TPC The Payroll Company, HR Consultants offers multiple timeclock and attendance options as well as tracking:

  • Vacation and time off tracking
  • Leave of absence tracking
  • Coordination with attendance policies
  • Overtime and absence analytics
  • Multiple time tracking device options

How do I pay payroll as self-employed?

  1. Step 1: Have all employees complete a W-4 form. … 
  2. Step 2: Find or sign up for Employer Identification Numbers. … 
  3. Step 3: Choose your payroll schedule. … 
  4. Step 4: Calculate and withhold income taxes. … 
  5. Step 5: Pay payroll taxes. … 
  6. Step 6: File tax forms & employee W-2s.

If complying with this complex law seems confusing or time consuming to you, don’t stress!  You only have to partner with TPC, The Payroll Company HR Consultants.  We will help you decide on the best policy and we will ensure it is executed properly.  Just give us a call at 877-507-4800 or reach out to us at [email protected].