New York State and Yonkers tax tables updated effective July 1
- Pub. NYS-50-T-NYS, New York State Withholding Tax Tables and Methods, rev. July 1, 2021
- Pub. NYS-50-T-Y, Yonkers Withholding Tax Tables and Methods, rev. July 1, 2021
- More than $2,155,350, and who are married filing jointly or a qualified widow(er)
- More than $1,077,550, and who are single or married filing separately
- More than $1,616,450, and who are head of household
Employers with employees subject to New York and/or Yonkers resident personal income tax withholding who are earning more than the amounts listed above should be aware that revised withholding computation rules may affect payrolls made on or after July 1, 2021. This means that the tables should be used from July 1, 2021, going forward.
Supplemental Wage Tax Rate Increases
Effective July 1, 2021, the New York supplemental wage tax rate increased to 13.78% (previously 9.62%) and the Yonkers resident supplemental wage tax rate increased to 2.30815% (previously 1.61135%). The Yonkers nonresident supplemental wage tax rate remains 0.5%.
MAKE AN IMPACT: TIPPED WORKERS
Department of Labor (DOL) proposes a new rule affecting tipped workers and their employers
The U.S. Department of Labor (DOL) has proposed an amendment to its rule regarding hourly wages for nontipped work for employees who do tipped and nontipped types of work—called “dual-job” workers. The nontipped work the DOL refers to is that which directly supports the tipped work the employee does (e.g., folding napkins for the patrons of a restaurant where the employee waits tables for tips). This work is also known as “side work.”
The proposed rule states that employers must pay the federal minimum wage of $7.25 per hour for directly supporting work that the employee does for a “substantial amount of time.” Substantial is defined as either:
- Exceeding 20% of the employees’ hours worked during a workweek, or
- Performed for a continuous period exceeding 30 minutes.
The proposed rule also states that employers must pay employees the federal minimum wage of $7.25 per hour for work that does not directly support tipped work. An example is assigning a server to clean bathrooms.To submit a formal comment to the Department of Labor regarding this proposed rule, click here to visit the Federal Register before August 23, 2021 and click “SUBMIT A FORMAL COMMENT”.
TRAINING SHORTS: USE OF LADDERS
Quick safety information, delivered straight to your inbox
Part of your relationship with Vested HR means free access to safety materials, curated by our Workers’ Compensation carrier. Ladder safety can be overlooked and it is important to have periodic refreshers. Click the links below for a downloadable training document.
ALL THINGS WORK
Cynthia Calvert on Family Responsibilities Discrimination at Work
Attorney Cynthia Calvert talks with the Society for Human Resource Management (SHRM) Vice President Tony Lee about family responsibilities (or caregiver) discrimination and how HR professionals and people managers can help safeguard against it in their workplaces.
Listen to the insightful podcast by clicking here.
BUSINESS CONTINUITY: BEING READY FOR ANOTHER CRISIS
Cybersecurity, fraud, & making a plan
BY JOE RAYMOND from June 2021 PEO Insider, edited for inVested use
It seems like every time we turn on the TV or read the latest news, we hear about the latest crisis affecting people and businesses. Whether it is a natural disaster, a pandemic, workplace violence, or a cyberattack, the threats are real and affect us all. So many of us think, “This could never happen to my business,” and fail to plan accordingly.
One out of every four businesses impacted by an unexpected crisis never reopens its doors, and in the last year alone, nearly one in five companies has reported experiencing a business interruption. Coalition, one of the largest providers of cybersecurity services in North America, reported a 260 percent increase in ransomware attacks among policyholders in the first half of 2021. The average breach cost for small to mid-size businesses is $3.8 million.
BUSINESS CONTINUITY PLANNING
Whether you are a small or large business, you will need to put a business continuity plan (BCP) in place to mitigate risks for your key functions. Wikipedia provides a succinct definition of business continuity planning: “The process of developing a system of prevention and recovery from potential threats to a company.” There are several key components of a successful BCP, but none are more important than having stakeholder buy-in and initiative support by owners, executive leadership, staff, vendors, and clients. All of these groups play integral roles in prevention and recovery.
Securing this buy-in requires a good communication and escalation process, as creating a BCP is not a one-time event—it is something that needs to become ingrained into the culture of your company. There will be constant testing, refinement, and auditing throughout the lifecycle of your company, and it is also important to remember that even if the threat is a cyber breach and not a natural disaster, technology is not the only facet of the business affected—people, processes, and facilities will also be impacted.
You will need to set up and implement your BCP, train your staff, perform testing, and monitor the plan. You should also evaluate outsourced partners’ cyber security protocols. Outside consultants are there to help if needed.
Implementing a solid BCP has company-wide benefits on top of business continuity and recovery, including:
- Identifying opportunities to improve workflow processes;
- Improving overall company performance;
- Creating opportunities to reduce operational costs;
- Identifying regulatory and compliance issues;
- Enhancing public, client, and workforce perception;
- Improving communication and cooperation between business segments; and
- Identifying operations or supply chain weaknesses
COMPONENTS OF THE PLAN
Building an effective BCP consists of three key components: preparation, execution, and recovery and restoration. Preparation includes plan development, maintenance, staff training, continuous testing, and ongoing learning. Execution includes the emergency management of the threat and internal and external communications. Recovery and restoration includes community outreach and data/records preservation.
This may sound like a lot and you may be wondering where to start. Below are a few suggestions for next steps:
- Act now!
- Get key leaders and stakeholders in the company together and let them know you want a BCP put in place. Explain the seriousness of the threats to the company and that you expect 100 percent support from everyone.
- Select the BCP team leaders.
- Select the internal team and/or the consulting company responsible for the BCP’s development and execution.
- Review and adjust your insurance policy to ensure proper coverages.
The hard part is getting started and putting the BCP in place. Once you have done that and it has become ingrained into the culture of the company, you will see the benefits listed above start to come to fruition. Keep your business safe, sustainable, and prosperous.
For the complete article, click here.