900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 · 215.563.0276 · Fax: 856.667.3652

The Online Advisor

November 2007


New Business

Keep employees informed

Surveys show that employees tend to underestimate the amount of money that their employer spends on employee benefits. It's up to you to get them to realize their paycheck is only part of the compensation they are receiving as employees.

Make your employees aware of their total compensation package. After all, your employees can't appreciate all those extra dollars the company pays if they don't know about them.

In conjunction with preparing an employee's W-2 for 2007, prepare a list of the amounts that make up his or her total compensation package. You might find it a good idea to go over each employee's total benefits package during the employee's annual review.

Your benefits summary should include such items as the following:

Salary $____________

Bonus $____________

Pension plan contribution $____________

Deferred compensation $____________

Medical and dental insurance $____________

Life insurance $____________

Disability insurance $____________

FICA (social security & Medicare) $____________

Worker's compensation $____________

Unemployment insurance $____________

Total wages and benefits $____________

Also include the number of paid vacation days, personal days, sick days, and the value of employer-provided benefits such as work clothing, parking, and meals.

Before you invest in any business, it's always a good idea to discuss the proposed venture with your advisors. If you would like assistance with evaluating a business opportunity or with legitimate tax planning, please call our office.

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