Review information on which employees qualify for overtime pay, how much they can earn, and when overtime is paid. What Is Overtime Pay? When an employee works additional hours, they may be entitled to extra pay beyond their regular pay rate for those hours. Employees covered by federal law are entitled to a rate not less than one and a half times their regular rates of pay for hours worked over 40 in a week....

Learn how Open Market Operations work and how they influence interest rates. How Open-Market Operations Work By buying and selling securities, the Fed can influence market conditions and therefore affect the economy. When the Fed wants interest rates to rise, it sells securities to banks. This is known as a contractionary monetary policy. It’s implemented with the goal of slowing inflation and stabilizing economic growth. And when the Fed wants interest rates to fall, it buys securities....

Learn more about what counts as preventive care and how this affects your health care and insurance costs. What Is Preventive Care? Preventive care, or preventative care, is health care that prevents disease, injury, or illness, rather than treating a condition that has already become catastrophic or acute. The goal of preventive care is to help people stay healthy. Preventive care can include: Doctor visits, such as annual physicals, well-child visits, annual gynecological care, and dental cleanings Immunizations Contraception Allergy medications Insulin Colonoscopies and mammograms Screenings, such as tests for skin cancer, high blood pressure, and high cholesterol...

Calculates Fair Market Rent The first step in determining the voucher amount, is to calculate the Fair Market Rent for the area. Each year HUD comes up with this number for over 2,500 areas of the country. When calculating this number, HUD looks at all units that have been rented in that specific area over the last 15 months. It excludes: Units that are less than two years old.Assisted living units....

You earn a capital gain when you sell a stock for more than you originally bought it for. If you sell a stock at a price that is lower, you net a capital loss, and you might be able to use that loss to reduce your taxable income for the year. You might also carry the loss forward to the next tax year to offset any capital gains you make then....

Save for Emergencies Most of the time, your first priority should be saving up an emergency fund of three to six month’s worth of expenses. As soon as you have enough to put into a money market account or a certificate of deposit, do so, as it will earn more interest that way. Since this money is your emergency fund, it should be easy to access if you need it. Your emergency fund should be used for serious financial events such as losing a job or dealing with an unexpected medical expense....

Taxes on Roth IRAs vs. Traditional IRAs The same rules do not apply to Roth IRAs. Roths are a quite different type of retirement account. Contributions made to a traditional IRA use pre-tax dollars. Roth contributions are made with post-tax dollars, which is is an important distinction. You’ve already paid income tax on that income in the year you earned it. You can therefore take distributions from your Roth IRA tax-free....

An independent contractor (IC) is someone who is in an independent trade or profession offering services to the general public. An IC is considered to be able to control their own work, not the employer. By contrast, an employee’s work is controlled and directed by the employer. Why Is the Distinction Important? Many businesses classify workers as independent contractors because it’s cheaper than hiring employees. These businesses avoid: Withholding Social Security and Medicare taxes, and paying a portion of those taxesPaying premiums for unemployment insurance and workers’ compensationAdhering to minimum wage, overtime, and other wage lawsBeing subject to employment laws like OSHA, ADA, and equal pay...

When candidates are approached directly by headhunter recruitment services—hired by firms to source high-quality talent for new job openings—the recruiter may ask about their flexibility to relocate. More commonly, though, this question arises because it’s likely that, if hired, you will be asked to move between job sites or satellite offices. It’s a given for some professions that relocation will be required. Those seeking a career in the military, foreign service or international aid, as traveling nurses, or as consultants can expect to relocate as their assignments change....

If you plan to complete the FAFSA for the upcoming academic year, here are some helpful things to know about applying for aid as an independent student. Eligibility Requirements for Being an Independent Student on the FAFSA Dependency status is determined by the U.S. Department of Education. You may be considered an independent student if you meet any of the following guidelines: You’re 24 or older by January 1 of the school year in which you’re applying for aid....

It could be a vacation, a fat emergency fund, or getting out of debt. Now, remind yourself of this goal each time you feel tempted to blow money on a non-essential. Then, take the money you would have blown and put it towards your goal. Before long, you’ll be sunning yourself on a tropical shore or sitting on top of a mound of money. Who knew breaking bad habits could be so rewarding?...

There are many ways to compose a three-fund portfolio. Using exchange-traded funds (ETFs) is a solid way for investors to start, since they tend to be diverse and stable. In this guide, find out how to make and maintain a three-fund ETF portfolio. What Are three-Fund ETF Portfolios? The three-fund ETF portfolio strategy follows the same format as the more broad three-fund portfolio. It allocates stock and bond investments among three types of exchange-traded funds: a total U....

Being lazy can be a good thing when it comes to investing. You can achieve above-average returns while taking a below-average risk, because of some key features of this simple “set it and forget it” technique. Invest in Index Funds Index investing gets at the core wisdom of a passive approach. With index funds, you invest in exchange-traded funds (ETFs) that track an index (such as the S&P 500). These funds match the broad-market performance of an index....

To confuse the issue, the IRS says a fiscal year is “12 consecutive months ending on the last day of any month except December.“ What Is the Difference Between a Fiscal Year and a Tax Year? Your business tax year is the period you use to figure your business taxes. The IRS distinguishes “fiscal year” from “tax year,” stating that a tax year can be either a fiscal year or the calendar year....

But between the flights, hotels, rental cars, and park tickets, it can also be an expensive one, especially for families. In this installment of our post-pandemic travel planning series, we’ll guide you through how to save money through credit card rewards. Check out the rest of “Our Money’s on Travel” for more advice on getting to where you want to go without draining your savings account. How To Fly to Orlando on Rewards Points or Miles Orlando International Airport (MCO) is just 20 minutes from Disney World....

As a whole, USDA mortgages are designed to “promote homeownership in underserved areas” and are reserved for low- and moderate-income earners only. They can either be issued by the U.S. Department of Agriculture or insured by it, depending on which loan program you are eligible for. Types of USDA Loans For buyers interested in a single-family home, there are two types of USDA loans to choose from: a direct USDA loan or a guaranteed USDA loan....

Whatever the reason, health care costs associated with a provider outside of your insurance network can be expensive. But you may not need to foot the whole bill. Below, you’ll find out how to deal with out-of-network insurance charges, including how to tell what your insurance policy does and doesn’t cover, how to negotiate out-of-network charges, and how to avoid billing surprises. Make sure you’re covered when getting medical treatment without paying extra money out-of-pocket....

The Small Business Administration (SBA) makes funding sources more accessible to small businesses by providing guarantees of 75% to 85% to lenders in case of default. It also sets strict rules around loan terms to make it a cost-effective option for small businesses, including franchise owners. To be eligible, you need to meet several requirements, including using the funds according to the specific SBA loan type. For example, you can use the money to open a franchise or fund an existing one....

Get Your Financial House in Order It should go without saying, but if you want to get the best deal on a new car, you need to have a great credit score. If the bank does not judge you to be a worthy investment, you will end up paying much more throughout your loan than you would otherwise. This often means that your interest rate will be higher, costing you thousands over the years, or you may be required to have a much larger down payment (or not be approved for a loan at all)....

Learn some of the steps you should take, as well as the resources available to you. Doing so will help you not only manage your money better, but also more easily cope with one of life’s most stressful experiences. Deal With Your Grief Following the loss of a loved one, it’s essential to give yourself time to process the grief. The various tasks you may feel you need to deal with could seem overwhelming, so remember to pause and let yourself go through it....