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Generally, an employer with at least $500,000 of business or gross sales in a year satisfies the commerce requirements of the FLSA, [6] and therefore that employer's workers are subject to the Fair Labor Standards Act's protections if no other exemption applies. Several exemptions exist that relieve an employer from having to meet the statutory ...
Under the FLSA, however, employers are legally required to reimburse employees for business expenses if failure to do so would drop their earnings below the federal minimum wage. This includes ...
FLSA: The Fair Labor Standards Act (FLSA) is the federal law commonly known for minimum wage, overtime pay, child labor, recordkeeping, and special minimum wage standards applicable to most private and public employees. FLSA provides the agency with civil and criminal remedies, and also includes provisions for individual employees to file ...
An employee employed by multiple unrelated employers may elect an amount up to the limit under each employer's plan. [9] The limit does not apply to health savings accounts , health reimbursement arrangements , or the employee's share of the cost of employer-sponsored health insurance coverage.
A Health Reimbursement Account is a benefit set up by an employer to help employees cover qualifying health expenses. Reimbursements under an HRA are tax-free for both the employee and employer.
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
The Fair Labor Standards Act also affects employers and employment contracts in that it establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments. The FLSA applies only to employers whose annual sales total $500,000 or more or who ...
Variable monthly expenses. These expenses fluctuate from month to month and are often discretionary in nature. Examples include groceries, utilities, entertainment expenses and travel. Variable ...