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When you run payroll, you must comply with payroll and labor laws. Brush up on payroll compliance legislation and common compliance mistakes so you can accurately run payroll without fear of penalties.
PAYROLL COMPLIANCE LEGISLATION
All employers must follow payroll compliance legislation. While it might seem like a burden, it's extremely important. Why is payroll compliance legislation important? It makes sure employees are paid and treated fairly. And, legislation ensures that governments receive the funding they need for certain programs.
Below are payroll compliance laws you must follow.
FLSA
The Fair Labor Standards Act (FLSA) regulates minimum wage, child labor, overtime laws, and recordkeeping.
The FLSA sets the federal minimum wage at $7.25. You must pay employees at least this much per hour. You might have to pay even more if your state or locality has a higher minimum wage.
The Act includes child labor laws to protect workers under the age of 18. It regulates...