payroll-north-dakota-unique-aspects-of-north-dakota-payroll-law-and-practice
Payroll North Dakota, Unique Aspects of North Dakota Payroll Law and Practice
Writen by Charles Read
The North Dakota State Agency that oversees the collection and reporting of State income taxes deducted from payroll checks is:
State Tax Department State Capitol 600 East Boulevard Ave. Bismarck, ND 58505-0599 (701) 328-3125 http://www.nd.gov/tax//
North Dakota does not use a state form to calculate state income tax withholding.
Not all states allow salary reductions made under Section 125 cafeteria plans or 401(k) to be treated in the same manner as the IRS code allows. In North Dakota cafeteria plans are not taxable for income tax calculation; taxable for unemployment insurance purposes. 401(k) plan deferrals are not taxable for income taxes; taxable for unemployment purposes.
In North Dakota supplemental wages are taxed at a 3.92% flat rate.
You must file your North Dakota State W-2s by magnetic media if you are required to file your federal W-2s by magnetic media.
The North Dakota State Unemployment Insurance Agency is:
Job Service North Dakota Job Insurance Administration 1000 E. Divide Ave. Bismarck, ND 58501 (701) 328-2843 http://www.nd.gov/home.htm
The State of North Dakota taxable wage base for unemployment purposes is wages up to $18,500.00.
North Dakota has optional reporting of quarterly wages on magnetic media.
Unemployment records must be retained in North Dakota for a minimum period of five years. This information generally includes: name; social security number; dates of hire, rehire and termination; wages by period; payroll pay periods and pay dates; date and circumstances of termination.
The North Dakota State Agency charged with enforcing the state wage and hour laws is:
Department of Labor State Capitol Bldg. 600 East Blvd. Ave., Dept. 406 Bismarck, ND 58505-0340 (701) 328-2660 www.state.nd.us/labor/
The minimum wage in North Dakota is $5.15 per hour.
The general provision in North Dakota concerning paying overtime in a non-FLSA covered employer is one and one half times regular rate after 40-hour week.
North Dakota state new hire reporting requirements are that every employer must report every new hire and rehire. The employer must report the federally required elements of:
- Employee’s name
- Employee’s address
- Employee’s social security number
- Employer’s name
- Employers address
- Employer’s Federal Employer Identification Number (EIN)
This information must be reported within 20 days of the hiring or rehiring. The information can be sent as a W4 or equivalent by mail, fax or electronically. There is a $20.00 penalty for a late report and $250 for conspiracy in North Dakota.
The North Dakota new hire-reporting agency can be reached at 800-755-8530 or 701-328-3582 or on the web at http://www.nd.gov/humanservices/
North Dakota does not allow compulsory direct deposit
North Dakota requires the following information on an employee’s pay stub:
- Gross and Net Earnings
- straight time and overtime pay
- hours worked
- required state and federal deductions
North Dakota requires that employee be paid no less often than monthly or agreed-on paydays.
In North Dakota there are no statutory requirements concerning the lag time between when the services are performed and when the employee must be paid.
North Dakota payroll law requires that involuntarily terminated employees must be paid their final pay by next regular payday or within 15 days, whichever is earlier; or by certified mail at employee’s address. Voluntarily terminated employees must be paid their final pay by the next regular payday.
Deceased employee’s wages must be paid when normally due to the surviving spouse or next eligible heir (in that order) after affidavit showing proof of relationship.
Escheat laws in North Dakota require that unclaimed wages be paid over to the state after two years.
The employer is further required in North Dakota to keep a record of the wages abandoned and turned over to the state for a period of 10 years.
North Dakota payroll law mandates no more than 33% of minimum wage may be used as a tip credit.
In North Dakota the payroll laws covering mandatory rest or meal breaks are only that all employees must have 30 minutes rest after five hours of work.
There is no provision in North Dakota law concerning record retention of wage and hour records therefor it is probably wise to follow FLSA guidelines.
The North Dakota agency charged with enforcing Child Support Orders and laws is:
Child Support Enforcement Division Department of Human Services 1929 N. Washington St. P.O. Box 7190 Bismarck, ND 58507-7190 (701) 328-3582 http://www.nd.gov/humanservices/
North Dakota has the following provisions for child support deductions:
- When to start Withholding? First day after pay period.
- When to send Payment? Within 7 days of Payday.
- When to send Termination Notice? Within 7 days of termination.
- Maximum Administrative Fee? $3 per month.
- Withholding Limits? 50% of disposable earnings.
Please note that this article is not updated for changes that can and will happen from time to time.
|
Charles J. Read, CPA has been in the payroll, accounting and tax business for 30 years, the last fifteen in private practice. Mr. Read is the author of “How to Start a New Business”. For Professional Payroll services at a Budget Price go to http://www.PayrollonaBudget.com a Paperless Payroll Company. Go to http://www.CustomPayroll.com For a full service payroll service bureau with CPA’s on staff. See an excerpt of Mr. Read’s interviews from William Shatners “Heartbeat of America” television show on the websites linked above. |
mortgage-broker-bonds-highly-requested-types-of-surety-bonds
Mortgage Broker Bonds - Highly Requested Types of Surety Bonds
Writen by Groshan Fabiola
In today’s competitive and unstable economical climate, surety bonds play a crucial role, guaranteeing for the respecting of payments, the fulfilling of certain roles or other terms stipulated in legal agreements. Surety bonds can take a wide range of forms, serving for a multitude of purposes. While some bonds are closed for guaranteeing payments and various other financial transactions, others oblige the parts who sign the contract to perform a series of tasks or fulfill certain duties.
Although surety bonds are commonly undertaken and managed by insurance agents, it is very important to note that they differ from insurance. Surety bonds are basically legal documents that guarantee that an obligation will be properly fulfilled; otherwise, a certain penalty will be paid by the surety company. Once a person signs the agreement on the bond, that person is obliged to reimburse the surety company in case of a financial loss. Surety bonds are powerful financial tools undertaken through documents and forms that are often very different from those characteristic to insurance.
Surety bonds can be categorized in two main distinctive groups: contract surety bonds - provide financial security and construction assurance on construction projects by guaranteeing to the obligee that the principal will perform the work and pay certain subcontractors, workers and material suppliers (include performance bonds, bid bonds, payment bonds, maintenance bonds and subdivision bonds) and commercial surety bonds - guarantee performance by the principal of the obligation or undertaking described in the bond (include license and permit bonds, judicial and probate bonds, public official bonds and federal bonds). A very popular subtype of commercial surety bonds is represented by mortgage broker bonds. Due to the fact that mortgage broker bonds are imposed by state law, enabling brokers or lenders to sustain their activity in legality, these subtypes of commercial surety bonds have a great importance and are highly requested at present.
Despite the fact that many people consider that mortgage broker bonds and mortgage banker bonds are the same thing, these types of bonds are in fact two distinctive concepts. While mortgage banker bonds refer to license and permit bonds that are required for mortgage brokers who are also members of the institutions that finance the loan, mortgage broker bonds are designed exclusively for brokers, not for persons who are also lending the funds. Consequently, mortgage broker bonds are generally easier and quicker to obtain than mortgage banker bonds.
Mortgage broker bonds guarantee the authenticity and legality of brokers’ license, as well as the respecting of the laws, rules and regulations imposed by a certain state and / or required by the mortgage broker licensure code. It is important to note that each state establishes a series of specific laws and thus each state has individual mortgage broker bonds. In addition, each state may regularly change the document list required for obtaining mortgage broker surety bonds, as well as the fees that need to be paid in order to close such bonds. Thus, it is advisable to do an elaborate research on the exact state requirements before closing mortgage broker bonds in a certain state.
The surety bond industry has suffered substantial changes over the last few years, determining considerable increases in surety bond rates. In addition, personal credit reports nowadays have a greater importance in obtaining better bond rates. For instance, a person with a great credit score is more likely to obtain lower rates than a person with a less impressive credit situation. However, even in the case of clients with good credit scores, most surety bond companies may decide to drop their policies if their clients’ credit scores drop. The good news is that mortgage broker surety bonds are still affordable and not difficult to obtain.
Unlike most types of surety bonds, mortgage broker bonds haven’t changed much in the last few years, at present having a low claim rate and benefiting clients with low premiums. However, in order to ensure that you will be provided with highly efficient and affordable mortgage broker bond services, you should only rely on the best bonding agencies in the industry. To obtain the best results, it is advisable to hire the services of an experienced, reliable and dedicated bonding agency with an impeccable reputation.
|
So, if you want to find out more about surety bond or even about mortgage broker bond, please visit these links. |
internet-banking-using-internet-only-banks
Internet Banking Using Internet Only Banks
Writen by Frank Owen
Internet Only Bank Advantages
Most people are familiar with Internet banking through their local branch office. Most traditional banks offer some form of online or Internet banking services. Fortunately you have another choice. You can sign up for an Internet only bank. Many people are choosing Internet only services because they are convenient, offer free bill paying online and usually offer far more free services than traditional banks do. Most for example offer free checking that is actually free (no hidden fees or conditions).
Most banks are able to pass cost savings onto customers when they operate in a virtual environment. Since the bank itself when operating online incurs fewer fees, most banks charge customers lower banking service fees. Other advantages of Internet only banking include:
- 24- Hour dedicated service and access to your account information.
- Unlimited check writing and use capability.
- VISA/ATM card capability.
- Possible high interest checking account availability.
Disadvantages of Internet Only Banks
There are some drawbacks of using an Internet only bank. For one you will have to pay an ATM fee since Internet banks won’t have a branch ATM you can use near your home. But keep in mind that almost all traditional banks also charge some form of ATM fee. In most cases you will also have to mail in deposits, unless you set up direct deposit. In other cases you may have to put in check requests several days before payments are due, which some may find tedious.
Fortunately the offerings vary from bank to bank. Your best bet is to shop around for a service that will offer you all the advantages of a traditional bank with more conveniences.
|
Article by Frank Owen, visit his web site on internet banking for more on internet banking http://www.internetbankingfacts.com |
sacrificing-long-term-value-creation-for-short-term-profits
Sacrificing Long Term Value Creation for Short Term Profits!
Writen by Peter Kopitz
In today’s corporate environment, professional corporate finance needs are increasing steadily. Major factors include the capital markets need for transparency in financial reporting and increasingly strict regulatory requirements. The need to fully comply with regulatory requirements can have numerous significant implications for an organization.
These include but are not limited to incurring large financial reporting cost, including investor communication and relations, constant pressure to meet reporting deadlines, and a lack of transparency of financial data and reporting processes.
Nevertheless, the highest cost corporations have to pay is for the constant “cat and mouse” game to meet quarterly and annual projections. This constant pressure to increase short term profits hinders the company to achieve long-term growth and value creation. Too much money is spent on analyzing, monitoring, communicating, and adjusting forecasts, resulting that the organization is not able to quickly respond to its competitive environment and think in terms of long term value creation.
It is vital for companies to realize that they have to weight the cost and benefits of these issues. Many companies are not up to the challenge and loose their competitive edge. They should always try not to sacrifice long term value creation for short term profits.
|
Peter Kopitz is currently living in Bangkok, Thailand after graduating with Honors from the University Of Chicago Graduate School Of Business with a Masters Degree in Business Administration. He is actively involved in researching economic and political development in Thailand, focusing primarily on property development, security analysis and investment banking. Hawaii Home Loans | Honolulu Realtor | Hawaii Rentals |
internet-banking-security-and-safety
Internet Banking Security and Safety
Writen by Frank Owen
Is Online Banking A Safe Choice
Many people hesitate to take advantage of Internet banking because they aren’t confident it is a safe and secure method for conducting financial business. Fortunately Internet banking is extremely safe and becoming safer and more secure every day. Currently the Internet sends information from computer to computer using unsecured lines of communication. Normally that would allow anyone to access information transferred from one computer to another.
Most banks however provide secure financial service networks using Secure Sockets Layers or other technology that encrypts information you send over the Internet. That means the data you send from one computer to another is encrypted to prevent outsiders from peaking in and seeing your private information.
This technology, referred to as SSL technology is now accepted or compatible with most browsers including Internet Explorer and Netscape Navigator. Usually you’ll see a little yellow padlock in the right lower hand corner of your screen, indicating that a page is being secured using this technology.
Other Security Measures
Most Internet banks offer other protective measures to ensure your information is kept safe and secure. Some examples of other security measures in place include:
Secure logins
You will create your own online access account number and code that you will need each time you log in.
Limited logins
Many banks limit the number of times you can attempt to log in per day and lock you out if you exceed this. That way someone can’t attempt to break your login code easily.
Limited sessions
Most banks offer limited sessions that require you to re-login after you have been inactive for a period of time preventing anyone from viewing your information if you leave your computer for too long.
|
Article by Frank Owen, visit his web site on internet banking for more on internet banking http://www.internetbankingfacts.com |
the-banking-internet-basics
The Banking Internet Basics
Writen by Jay Moncliff
Traditional banking has always been a brick and mortar building where you go to deposit or withdraw money. However, the banking Internet sector has exploded in the past five years. You may not be aware of what banking Internet actually is, and it can be a bit confusing because it has so many names from online banking to PC banking as well as electronic banking and banking online.
With the popularity of the Internet and the power it gives people to take control of their lives, many traditional banks have created banking Internet web pages where customers could transfer money, set up bill payments recurring or otherwise, quickly check items that have cleared, and many other functions that can be accessed 24 hours per day 7 days a week. This banking Internet option has been very popular not only for customers who want to have some control over their account without having to go to the bank but for banks as well whose man hours have been freed up from performing simple tasks like balance inquiries, account transfers, and the like because the customer does it himself with banking Internet.
Banking Internet options also include virtual banks. This is the truest form of banking Internet simply because these banks only exist online. Banking Internet options have become popular because they save customers time and money, which is a very trendy combination. Banking Internet which only exist online means you will have to transfer your money to the new account or else mail a payment via check. Since the whole idea of banking Internet is to make banking as easy as possible, most banking Internet sites will allow you to make a transfer from a brick and mortar bank to the banking Internet site as often as you like with no charge or a small fee.
When you utilize banking Internet options you are able to access your account, move money, pay bills, and any number of things from any computer with Internet access worldwide. This is amazing and makes traveling a lot less stressful as well because with banking Internet you always know where your account stands.
|
Jay Moncliff is the founder of http://www.become-your-own-banker.com a blog focusing on the Banking resources and articles. This site provides detailed information on Banking. For more info visit his site: Banking |
home-grants
Home Grants
Writen by Alison Cole
Home grants are very hard to come by these days. However, it is true that not everyone is capable of paying for their own housing. For those people who are unable to pay for an apartment or house, they sometimes end up living in the streets. With homelessness on the rise, the Federal government enacted the Supportive Housing Program to combat the homeless problem. This program will help keep people off the streets, and into a more permanent and stable place to live.
This program is designed to give housing to homeless people, as well as an opportunity to have them live independently and receive the necessary skills to be able to support themselves.
There are also other program grants available for those in need of housing assistance. The Federal government offers a program that will pay for long term housing for people with disabilities and their families. This program is designed to provide housing for those who currently live in places not intended for human habitation. It allows for a variety of choices, as well as a wide range of supportive services for those with severe disabilities.
Rental assistance from the government is not just for those with disabilities, individuals or families who are unable to afford adequate housing due to unforeseen circumstances are also eligible for housing grants. Government housing is available for people while looking for a job, and the program will assist in either training you with more skills to help you find a job, or help you send out resumes to potential employers.
|
Grants provides detailed information on Grants, Government Grants, Home Grants, Pell Grants and more. Grants is affiliated with Capital Budgeting. |
a-review-of-grants-for-college-students
A Review of Grants for College Students
Writen by Morgan Hamilton
Did you manage to not only survive, but finally graduate from high school? There is no doubt that once you graduate you feel happy and satisfied with your fine accomplishment. However, you have to take a big step forward and consider college. Maybe you have applied to some universities, but have you checked for available scholarships and grants? This is what you should evaluate and take into consideration when you are applying to a university. Of course, all you want at the moment is to get that absolute freedom and time on your own, but don’t forget that someone has to pay for that. Going to college is quite expensive and most people cannot afford to pay for it all. There is hope though, in the form of grants for college students. Even if your financial situation is not very good, there are more than a few solutions… just get your laptop.
Have you though about ways to find money for your or your child’s tuition? Robbing a bank or knocking over the local mall is not a good idea. Probably you haven’t thought about that before. Then you should start thinking and find a way to pay for college. You can get financial help without the burden of payback. Just try to find the best scholarships and grants for college students. You should not give up searching for free money even if you haven’t succeeded to get a scholarship after high school. Full time student employment is always an option but you should better check all the other possibilities first.
What I did before I headed off to a university was to carefully examine all the students’ loans and grants for college students. I got online and checked the FAFSFA.com. This site offers free applications which you can fill out in order to ask for financial aid. I found many different loans and grants available. I suppose you are aware of the fact that grants are money you should not pay back. This is such a fantastic solution to your financial difficulties.
Usually each state has some money for grants for potential college students, apart from that federal grants are also available. All you have to do is to fill out some applications and acquire financial aid. You shouldn’t neglect free money. This is the easiest way to make the university payments. Getting online is the first step to finding financial aid such as grants for college students. Search for all the free money you can get from the state or the university you are admitted to. This is the best you can do unless you want to spend all your free time having a full time job while you are in college.
|
Morgan Hamilton offers expert advice and great tips regarding all aspects concerning law. Learn more at Grants for College Students |
how-to-apply-for-bank-savings-account
How to Apply for Bank Savings Account?
Writen by Denton Howard
Financial stability is necessary in order to provide your family the future they deserve. The other side of the coin, which is spending all that you earn, will cause financial instability and the possibility of bankruptcy will surely knock on your door.
It is thus better that you keep some of your earnings in preparation for the good future of your family. Bank Savings Account is money reserved in the bank for future use. Although, it may be accessible when you need it, having enough on your bank savings accounts will be a good means to keep some of your money.
Bank savings account promotes the habit of savings. Aside from being able to save some of your money in reserve, your money may also earn interest depending on the time your money stays in the bank.
How to apply for Bank Savings Account?
Bank savings accounts or deposits accounts are considered assets. Thus, regulation in processing application for bank savings accounts are in place to assure proper handling of the money.
To apply for bank savings account, you will need the money for your deposit, aside from this you will also need to submit the following:
1. Two (2) passport size photographs for each of the individuals applying for bank savings account.
2. Completely filled up and signed application form for bank savings account.
3. Proof of identification such as passport or postal identification.
4. Your social security number is also a requirement.
A single individual, joint savings account or even a corporate savings account may apply for bank savings accounts. All the individual who will access the bank savings account may need to submit all of the above requirements.
How to withdraw from your Bank Savings Account?
As mentioned earlier, you may withdraw or use the money or parts of it when you need to. To avoid problems including illegal transactions, you will need to present your passbook upon withdrawal.
Taking care of your passbook will ensure that no one will be able to access your money without your express approval.
Aside from submitting your passbook upon withdrawal you may also need to present identification, the bank officers will verify your data and the signatures in the withdrawal form. This is a ceremonial procedure, which should not be bypassed.
Proper management of your bank savings account will ensure that the money you are keeping for the future will be kept safely and use of the fund will be managed in such a way that you will be able to make use of it only when it is necessary.
Keeping your money in a bank savings account will reduce the risk of spending in your heart’s desire. This will ensure that your bank savings account will be helpful in securing the future of your family.
What are deposit accounts?
Bank savings account is only one of the many deposit accounts that will help you manage your money properly. Other types of deposit accounts are:
Money market deposit account
Time Deposit
Transaction deposit
Financial stability starts from the habit of saving and one sure way to ensure you will keep you money well managed is by keeping it in a Bank Savings Account.
|
Get more info on the topic of bank savings account |
banking-and-savings-customer-service-and-reputation-forefront-in-decisionmaking
Banking And Savings - Customer Service And Reputation Forefront In Decision-Making
Writen by Emma Butler
52% of us have moved our savings because we were unhappy with customer service, according to the latest moneyfacts.co.uk user polls. 42% of us have avoided a particular account provider due to a friend’s bad experience.
With bank account providers, 46% of us have moved current account because of bad customer service and 45% have avoided a certain bank because of a friend’s bad experience.
Accessing our banking and savings via the internet is becoming increasingly popular but still many of us prefer to pick up the phone or visit a branch. Our finances are something that we need to take seriously and can cause a lot of stress. This means when we want to discuss them or need help, we need to be treated fairly and receive a good service.
Banks are continually being slated in the press for unfair charges and for things such as going overdrawn. This, along with hearing about people close to us having had a bad experience, would be enough to put many of us off choosing a certain account provider. However important good service is to us, we should still be aware of interest rates being offered by different providers.
The average rate of interest paid on current accounts is 1% gross on a balance of
