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post #1 of 53 (permalink) Old 12-02-2012, 10:26 AM Thread Starter
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Employee Benefits

I have noticed on this site and other sites I frequent that every employer has serious concerns about this upcoming year and how to handle the medical insurance issue.
This may help, it has helped us....A LOT
We use a company called Tri-Odyssey PEO for our payroll needs. Costs us 23.34%...pay an employee $100.00 send them $123.34. This covers all our payroll liabilities and their fees.
They do all the drug testing workmans comp and everything to do with employees. They actually saved us a lot of revenue on WC insurance.
That said, what we have done to prepare for this upcomming year is place ALL employees, myself included on an "on-call" status.
an on-call employee is not considered "full-time"...you would not have to cut your good employees hours this way.
In addition our PEO is able to provide benifits that we could never...
They are nationwide so if anyone would like their information PM me and I'll get it to you...It's worth a looksee
Hope this helps...

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post #2 of 53 (permalink) Old 12-02-2012, 10:37 AM
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Originally Posted by Cleanupman View Post
I have noticed on this site and other sites I frequent that every employer has serious concerns about this upcoming year and how to handle the medical insurance issue.
This may help, it has helped us....A LOT
We use a company called Tri-Odyssey PEO for our payroll needs. Costs us 23.34%...pay an employee $100.00 send them $123.34. This covers all our payroll liabilities and their fees.
They do all the drug testing workmans comp and everything to do with employees. They actually saved us a lot of revenue on WC insurance.
That said, what we have done to prepare for this upcomming year is place ALL employees, myself included on an "on-call" status.
an on-call employee is not considered "full-time"...you would not have to cut your good employees hours this way.
In addition our PEO is able to provide benifits that we could never...
They are nationwide so if anyone would like their information PM me and I'll get it to you...It's worth a looksee
Hope this helps...

I use a payroll that does the same I love it!
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post #3 of 53 (permalink) Old 12-02-2012, 12:38 PM
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How many employees do you have?

The law only requires you to pay insurance when you have over 50 full time employees.

You better check with a lawyer because my accoutant told me anybody that works 30 hrs or more a week is a full time employee
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post #4 of 53 (permalink) Old 12-02-2012, 01:11 PM Thread Starter
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When you use a PEO you are providing work for their employees...
In theory you are leasing their employees...

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post #5 of 53 (permalink) Old 12-02-2012, 02:23 PM
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When you use a PEO you are providing work for their employees...
In theory you are leasing their employees...
Sounds like insurance fraud to me. Watch out.
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post #6 of 53 (permalink) Old 12-02-2012, 03:37 PM Thread Starter
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Sounds like insurance fraud to me. Watch out.
We have been using them for three years now.
if you have employees it is worth a look to see if they can save you some bucks...
www.odysseynv.com

that is the office we deal with. they are nation wide. But they deal with the w-2's workmans comp...this was how we dealt with WC issues we were having.they deal with the UEID, drug testing etc...
Anything that has to do with ab employee except hiring...that is your call.
Plus the have a labor pool should I get stuck on something and need a body NOW...inaddition there are about 50k employees inthere data base and they can offer insurance at decent rates..
Not sure how that will play out yet...time will tell

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post #7 of 53 (permalink) Old 12-02-2012, 03:50 PM
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My wc for handy man work is 9.53 per 100 add about 3 for employer tax and 1 for accounting you are paying almost 10 dollar per 100 for the payroll service. You can get quickbooks payroll advanced and it does all that for about half the price of your current service. Look at paychek I think they charge less than what you currently pay.

Payroll is not hard to do, its 3 forms every quarter 1 form every month, 2 forms at year end. Quickbooks does all the work you just hit a button. I have a digital time clock so with that you don't even have to input any data just hit a button that's says submit time sheets

Looking at the website they are a temp\hiring service I used express in the past and every guy I got had issues. Lots of drama queens and guys that worked in factories. Most factory workers I have used are lazy and can only focus on 1 tasks at a time. in our business you have to see behind the trash and find damages
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post #8 of 53 (permalink) Old 12-02-2012, 06:02 PM
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Here's another thing to consider. Once the 1st of the year hits and the tax cuts expire, if your adjusted gross is over $59,000 you will be paying another 13% in federal tax. (15% to 28%) If your running a 25% margin on average it just went to a 12% margin. I for one will not work for a 12% margin. 10% profit and 10% overhead is my minimum. To many variables that could eat up that 12% VERY quickly.............
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post #9 of 53 (permalink) Old 12-02-2012, 06:38 PM
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mtmtnman:
Unless I'm missing something(which i could be), an increase of 13% in taxes, would not mean your margin would be cut in half. Your taxable would be based on your net, not your gross.

Example with 25% gross margin
Before: $100 gross, $25 net - 15% taxes = $21.25
After: $100 gross, $25 net - 28% taxes = $18.25

Therefore an increase of taxes by 13% would equal about a 15% reduction in take home, not a reduction of more than half.

While it sucks either way, it probably wouldn't be business ending.

whlmc:
I don't believe you are including enough employer side taxes in your example. I don't have my rate off hand but seem to be paying a lot more than 3% in employer side "extra taxes" such as social security, medicare, unemployment, etc.
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post #10 of 53 (permalink) Old 12-02-2012, 06:55 PM
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I just looked it up I pay $3.75 per 100 in payroll that includes the employers share of the taxes,and unemployment insurance. My rate is low 1.3% because my guys have never gone on unemployment, I known some guys pay close to 11.58% because they use unemployment all the time.
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