Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent
Asure
133 episodes
2 months ago
Welcome to Mission to Grow, the podcast tailored for small business owners seeking practical insights, compliance-oriented content, and expert advice to navigate the complexities of HR and beyond. Hosted by Mike Vannoy, a seasoned business professional with a vision for rebranding and leveling up. Join us every Thursday as we delve into the world of compliance, productivity, and management strategies to empower owners and managers of midsize companies.
All content for Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent is the property of Asure and is served directly from their servers
with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
Welcome to Mission to Grow, the podcast tailored for small business owners seeking practical insights, compliance-oriented content, and expert advice to navigate the complexities of HR and beyond. Hosted by Mike Vannoy, a seasoned business professional with a vision for rebranding and leveling up. Join us every Thursday as we delve into the world of compliance, productivity, and management strategies to empower owners and managers of midsize companies.
Garnishment: What Every Small Business Owner Needs to Know to Protect Themselves - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #124
Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent
59 minutes
1 year ago
Garnishment: What Every Small Business Owner Needs to Know to Protect Themselves - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #124
In this episode, we dive into the complexities surrounding garnishments in the workplace, including the differences between wage garnishments and wage assignments, how employers should handle multiple garnishments and the legal implications of terminating an employee due to garnishment. Our guest Brian Shenker shares expert advice on how to navigate these situations while ensuring compliance with federal and state laws.
Takeaways:
Employers must follow the garnishment order carefully to avoid legal consequences, including paying off an employee's judgment if done incorrectly.
Federal and state laws: Employers need to be aware of both federal guidelines and state-specific laws, which can vary.
Garnishment calculation:
Maximum garnishment: The CCPA caps garnishments at the lesser of 25% of disposable income or the amount by which weekly disposable income exceeds 30 times the federal minimum wage.
Disposable income: Defined as earnings after legally required deductions (like taxes, Social Security), not after voluntary deductions like health insurance or retirement contributions.
Garnishments are not allowed for employees with disposable earnings of $217 or less per week.
For earnings above that threshold, only a portion (25%) of the disposable income is subject to garnishment.
Commissions and bonuses: These also fall under the garnishment rules. Commission-based employees are subject to garnishment just like salaried workers, but their earnings can vary, making the calculation more complex.
Fringe benefits: Generally, fringe benefits like free daycare are not considered part of the garnishable income.
Independent contractors: The CCPA typically applies to employees, but some states extend garnishment protections to independent contractors as well. Employers should not ignore garnishment orders for independent contractors, even if state laws vary on this issue.
Quote of the Show:
“What the CCPA wants to do is make sure that not too much is being taken out from a debtor's paycheck each week, because that then just results in more financial issues and more strains.” - Brian Shenker
Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent
Welcome to Mission to Grow, the podcast tailored for small business owners seeking practical insights, compliance-oriented content, and expert advice to navigate the complexities of HR and beyond. Hosted by Mike Vannoy, a seasoned business professional with a vision for rebranding and leveling up. Join us every Thursday as we delve into the world of compliance, productivity, and management strategies to empower owners and managers of midsize companies.
