Category: Bookkeeping

Employers are required to pay most employees via a regular payday at least biweekly, semimonthly or monthly. Any predictable and reliable pay schedule is permitted as long as employees get paid at least monthly and no later than 12 days (excluding Sundays and legal holidays) from the end of the period when the wages were earned. This can be waived by written agreement; employees on commission have different requirements. Below is a chart of state payday requirements in brief, under state payday laws (employment or labor laws). The chart indicates how often employers must pay employees in each state, if applicable, such as weekly, biweekly (every two weeks), semimonthly (twice monthly) or monthly.

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• Indiana calls for bi-weekly or semi-monthly paydays.
• Employers with 5 or more employees are required to give written notice at the time of hiring to all employees advising them of their wages agreed upon, and the time and place of payment along with their expected hours of work.
• Per the FLSA, nonexempt employees must be paid time and a half of their regular pay rate for each hour of overtime.
• Director of labor and industrial relations also may grant exceptions to the general semi-monthly pay day requirement.
• Because of this fact, it is important for businesses to have a clear and consistent payment schedule to ensure fairness and adherence to labor laws and employee expectations.
• While federal law requires pay frequency to be consistent, there’s no law in place that dictates the cadence.

If employees are required to log their own hours or turn in a time card, pay may not be withheld if this record is not submitted on time. Employers should do their best to estimate the wages and then make any corrections on the next check. Knowing the particulars of state law is key to scheduling pay periods and remaining in compliance with all pay day regulations. In New Jersey, the employer can pay the supervisory, executive, or other special classified employees once a state payday requirements month. New Mexico has monthly payday requirements for administrative, professional, and executive personnel. In New York, manual workers must be paid weekly, and semi-monthly payday is allowed for manual workers, clerical employees, and other workers upon approval.

What State Pay Transparency Laws Mean for your Organization

• Final project summaries must be submitted to the Department no later than 90 days after the credit period end date.
• Nonexempt employees mistakenly paid the same as exempt employees, or whose “off-the-clock” hours are not properly recorded and compensated, may file overtime claims with the U.S.
• Both employers and employees are impacted by these laws.
• For example, if you are paid bi-weekly, your paycheck would be based on the two weeks between each pay period.
• If it’s not paid immediately, then the penalty is that the employer owes the employee one day of work pay for each day of unpaid wages, or 30 days of pay – whichever is the shortest amount of time.
• Applications must be submitted prior to the first paid performance.
• North Dakota and Oregon require paydays at least once monthly, and Ohio and Oklahoma require semi-monthly paydays.

The actual date on which the person must be paid also differs by state, so a person should check the law in the state in which they work. If you are not being paid according to state law, you may want to consult with an employment law attorney. A lawyer will file a claim and ensure that you are paid in a timely manner. Complete the Free Case Evaluation Form on this page to determine the best way to proceed with your claim. Penalties for not complying with pay frequency laws vary by state, but can include fines, civil lawsuits, and reputational damage.

Pay Transparency Laws by State

A few states don’t specify payday requirements or specify them only for certain types of workers. A payday notice is a document that is available to all employees and lets them know when they will receive their paychecks. Regular payday notices help employees understand their pay periods, budget their money, and plan for expenses in advance. A nonexempt employee is one who must be paid at least the minimum wage and overtime pay for any time worked over 40 hours a week. Per the FLSA, nonexempt employees must be paid time and a half of their regular pay rate for each hour of overtime.

Getting an Employment Lawyer’s Help

It’s not unusual for employers (clients) to contractually pay ICs 30 days in arrears, the same as they pay vendors. Employers may pay employees sooner or more frequently than the minimum periods mandated by state payday laws, but not later or less frequently unless a state law allows such an exception (noted in the chart). The frequency of the paydays that are required depend on the occupation in California and Michigan. In California, the payday could range from weekly to bi-weekly to semi-monthly. In Michigan, depending on your job, your payday could be weekly, bi-weekly, semi-monthly, or monthly. While federal law requires pay frequency to be consistent, there’s no law in place that dictates the cadence.

In Rhode Island, paydays are to be weekly with childcare providers having the option of being paid every two weeks, but employers that meet certain requirements can ask to make payments twice each month. Connecticut calls for weekly pay, but longer intervals – of even as long as month – are allowed if the labor commissioner approves it. Georgia and the District of Columbia call for semi-monthly paydays.

Getting Paid

Employees engaged in transitory employment must be paid at intervals of not more than 15 days. Most employers must pay workers all wages earned at least monthly, with no longer than 31 days between pay periods. Employees of “public service corporations doing business within this state” are required to be paid at least semimonthly the wages earned by them within 15 days of the date of such payment, unless prevented by inevitable casualty.

What State Pay Transparency Laws Mean for your Organization

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23  This disproportionate impact is a key consideration that can again be in tension with other parameters of the tax policy. State and local taxes can significantly impact the bottom line of cannabis businesses. These taxes can add to the cost of doing business, reduce profitability, and potentially deter customers due to higher prices.

• However, cannabis markets have not evolved a standardized product like tobacco, where taxes can be levied by stick (cigarette) or pack, nor is the intoxicating ingredient (THC) as easily measured as alcohol content for an appropriately targeted tax.
• A base tax rate could be set by weight for cannabis products containing less than 10 percent THC; that rate could double for products with 10 percent to 25 percent THC and then double again for products containing 25 percent THC or more.
• The Illinois Department of Financial and Professional Regulation oversees dispensaries, while the Illinois Department of Agriculture regulates cultivation centers and craft growers.
• Learn more about adult-use cannabis via the Oregon Department of Revenue, and more about the medical program via the Oregon Health Authority.

Congressional Policymakers Should Tread Carefully When Weighing New Corporate SALT Deduction Limits

In addition, cultivators must pay a weight-based tax  of $1.10 per ounce for all parts of the plant. Local governments in New Jersey can also impose a gross receipt tax of up to 2% on all cannabis businesses, including cultivators, manufacturers, wholesalers, gross vs net and retailers. However, these businesses face a unique challenge since marijuana is still considered illegal at the federal level. So, while dispensaries can operate within their state’s laws, they can’t claim the same tax deductions and benefits as traditional businesses.

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Businesses can do this by regularly consulting with tax professionals, cannabis accounting attending industry events, and subscribing to relevant industry newsletters. One of the most significant impacts of IRC Section 280E is the financial burden it places on cannabis businesses. Because they cannot deduct most of their business expenses, these businesses often end up with a higher taxable income and, consequently, a higher tax bill. In some cases, the federal taxes they owe can even exceed their actual net income.

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• Federal and state governments have several options for taxes on a legal marijuana industry.
• Recreational marijuana use is also legal in the District of Columbia, but Congress prevents the District from regulating and taxing legal transactions.
• This ensures a level playing field for all cannabis-related businesses in Maine, eliminating previous disparities between medical and adult-use ventures.
• The weight-based approach would capture harm derived from the use of smokable products.
• Scutari noted that it’s cheaper to buy weed illegally than it is to buy it from a legal dispensary (New Jersey has some of the highest cannabis prices in the nation).

The bicameral effort to make Section 280E a more permanent hindrance Insurance Accounting to cannabis businesses comes at a time when just 27% of U.S. cannabis businesses are profitable, according to a 2024 Whitney Economics report. He criticized the marijuana industry, calling the bill a way to prevent $2.3 billion in tax cuts for marijuana businesses. Restaurant taxes come with unique challenges, from specific regulations to industry-specific deductions.

Each eligible municipality and county will receive a little more than $58,000 for every licensed retail store and microbusiness based on revenue collected from the 10% recreational marijuana excise tax. Senate President Nicholas Scutari (D-Union), a supporter of legal cannabis, said he is not supportive of raising the tax right now. Scutari noted that it’s cheaper to buy weed illegally than it is to buy it from a legal dispensary (New Jersey has some of the highest cannabis prices in the nation). He said he wants more people visiting dispensaries, and increasing cannabis taxes isn’t the way to do that.

For others, a $50 or $100 med card renewal may save them thousands in adult-use cannabis excise taxes. Quantity-based taxes also help better align the tax base to the tax’s purpose than ad valorem taxes. Price-based taxes also capture a relatively consistent percentage of overall spending in the market.

Dispensaries pay an effective tax rate of 60-70%, compared to 20-30% for traditional businesses. Because they cannot deduct normal expenses, they owe significantly more in federal taxes. In 2021, these five states collectively generated a record-breaking $2.78 billion in revenue from taxes on cannabis sales, marking the highest income level since tax collection began in 2014. Growing and consuming cannabis was legal in the United States until the 1910s, when states started to enact laws criminalizing it. At that time, cannabis was included in the United States Pharmacopeia, the list of permissible and federally approved medicines, but in 1937, the federal government followed the states’ lead by passing the Marijuana Tax Act.