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What You Must Know About Prevailing Wage

In 1931, the Davis-Bacon Act established the prevailing wage under federal law. In this act, subcontractors and contractors should pay their laborers an hourly prevailing wage. This takes effect when they work on a federally-funded construction project exceeding $2,000. The Department of Labor of the United States determines the prevailing wage usually basing on the wages of employed workers on the same projects in the same area. This act wants to put an end to contractors who deceptively offer low estimates of their project’s proposed costs putting their workers’ wages at stake. Other states have their own laws regarding prevailing wage names as the “little Davis-Bacon” act.

So, is the prevailing wage basically a laborer’s hourly wage? The answer is both yes and no. This is actually composed of two parts. The first part is the hourly rate of a worker, and the second part is the “fringe benefits” amount (a separate amount paid to workers per hour as part of their wages). Fringe benefits are used to finance the “bona fide” benefits plan which includes health and life insurance, holiday pay, vacation pay, and apprentice training programs.

So, if a worker gets a base wage of $30 per hour on a project with an additional $10 per hour for the fringe benefits, then he gets a total of $40 per hour. Or, the $10 can be put to their employee benefits plan.

What is more beneficial, the bona fide benefits plan or cash? Well, most contractors choose to pay out their fringe benefits together with their wages because it seems to be the easiest with regards to complying with the law. Although this is true, contractors might find this more costly on their part. This is due to the fact that all wages need to be taxed like federal unemployment taxes, state unemployment taxes, social security taxes, general liability insurance, and workers’ compensation insurance. While the rate may vary, the additional cost contractors have to pay is roughly 25 centers per dollar.

On the other side of the coin, once the contractor puts the fringe dollars for the bona fide benefits plan, the amount is exempted from payroll taxes. This means that contractors can save up to hundreds of dollars per year.

If the contractor makes use of fringe dollars in the proper way, they can improve the existing benefit programs. One, employers who are enjoying benefits, paying cash for the fringes can mean funding the benefits in double. The fringe dollars can be used to the advantage of both the employer and employee, reducing the possible extra expenses. Two, employees look for the total compensation packages and the benefits. The fringe dollars help companies to bolster their existing programs. This is done by offering desirable benefit coverage and offering additional benefit options. Last, owners and key employees can use the fringe dollars to give more contribution to their retirement not having to put the company’s retirement plan annual testing at risk.

All in all, the prevailing wage comprised of hourly cash wage and benefits wage both give benefits to the contractors and laborers working on public-funded construction projects.

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Ways On How You Can Start A Successful Insurance Company

It is not an easy thing to stat an insurance agency as there are many things and people that will be involve and that mean that you should be careful when doing it. You need to be aware of the essential things that you will need to start your business first so that you will have a good plan on how to go about it. You need to remember that there many insurance agencies that are out there and you need to make sure that you will be able to stand even when you face high competition. It will be possible for you to start an insurance agency that will last if you have things that you will be determining. Ensure that you put the following things in mind when you are stating your insurance agency.

The first thing that you need to consider is your capital and how much it is required to start the agency. There no way you can be planning to start a business when you don’t even know the money that is needed for the business. You should know that an insurance company requires a lot of money if you want many people to protect their things with your insurance agency. No one will trust a company that has money problem because they will feel like you can go bankrupt at any time and their money will be lost. In that case if you don’t have enough capital then you can try getting loans o asking your close people to help you out with money.

You need to know the site where you will open up your business. You should choose a site that is an open area such that it will not be hard for people to find your company. Make sure that you choose your business site wisely and ensure that you customer will not have a reason of not doing business with you because of it. You need to make sure that it is a place where security is good, and your customers cannot be attacked while coming over there.

It is essential for you to have all the documents required and you should be aware of who to get them from. You need to ensure that you are starting a business that is valid so that your customer will not fear working with you. You will find that before anyone in insure their properties with your company they will ask whether you have the legal permits and if you doing have it they will start losing faith in you business. It is necessary for you to make sure that you have you have all the credentials such that you customer will not have a problem while they are working with you.

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Relevance of Digital Magazines

Digital magazines are upgrades of regular magazines and they make some incredible memories content. They let you more in the celebrity world and the most trending topics and styles at the moment. This is the reason why it has been able to receive so much love from a huge audience since they are able to relate with most of the topics. There are different types of digital magazines and you need to determine the best one for you. Below are some of the importance of digital magazines.

First, it is anything but difficult to access. Since this is not like the traditional magazines, you will always receive a notification once there is a new one out. You need to subscribe in the magazines website and they will send an email to the login details. You don’t have to go pursuing new information since they keep invigorating this and you will have the choice to get it easily. The notification is a reminder and this keeps you alert so that you can get all the updates of what is happening. The fans get the benefit of perusing the magazine around the same time that it has been released.

Secondly, there is flexibility of the content. With the traditional magazine there was limited space and this meant that you could only put the required information. The advanced magazine has changed this in a gigantic manner since you can include all the data you believe is important. With the alteration in development, people lean toward using their phones and workstations and hence it is definitely not hard to reach them. The crowd likewise gets the opportunity to communicate with different readers from various pieces of the world and they can trade ideas.

Lastly, it gets a good deal on costs. This association gets the chance to get a good deal on costs that relate to printing magazines that would lead to unsold inventory. This means that they get to cut on such losses since they will be interacting with the readers online. In thusly they can check the themes that the crowd like more and they will accomplish a greater amount of that. That ensure that they keep their consumers connected reliably and this is a perfect measure. The ordinary magazines you couldn’t find the opportunity to connect with the group in such a manner and thusly this may have been a purpose behind unsold inventory. Since the updates are sent on the email, it is less difficult for the clients to examine the magazine since they get the chance to get a good deal on time and cost that would have been used to find the magazine.